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3 November 2017
On the 3rd of November 2017, an amendment to the VAT legislation has been voted into Law by the House of Representatives in relation to the imposition of VAT at 19% on land transactions for business purposes. Download full alert for its provisions.
04 October 2017
Global Tax Alert: Cyprus introduces new tax residency rules for individuals
On 14 July 2017, the Cypriot Parliament approved the law amending Section 2 of the Income Tax Law (ITL) with respect to the tax residency of individuals.The amending legislation will be effective retroactively as of 1 January 2017. The relevant law implementing the new provisions took legal effect on 28 July 2017, when it was published in the Official Gazette of the Republic.As per the former provisions of Section 2 of the ITL an individual was considered as Cypriot tax resident if he stayed in the Republic for more than 183 days in a year of assessment. As per the amended law an individual can be considered as Cypriot tax resident even if he spends in Cyprus less than 183 days in a tax year subject to certain conditions.
Direct Tax VAT Newsletter: Tax Department Visits Campaign
The Cyprus Tax Department has just announced the initiation of a visits campaign to company premises in an attempt to enhance Direct Tax and VAT Compliance. The start of August 2017 will mark the beginning of a pancyprian initiative by the authorities to inform taxpayers about their tax and VAT obligations and confirm that they comply with the provisions of the legislation.
30 June 2017
Tax Alert: Cyprus tax authorities announce their intention to withdraw the Minimum Margin scheme
The Cypriot Tax Authorities (‘CTA’) have officially announced their intention of abolishing the Minimum Margin scheme (the ‘Scheme’) with effect 1 July 2017. The Scheme refers to intra-group financing arrangements falling within the ambit of the policy for obtaining and granting of loans from and to related parties as per the correspondence dated 4 July 2011 between the Tax Committee of the Institute of Certified Public Accountants (‘ICPAC’) of Cyprus and The Commissioner of Tax of Cyprus.
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M.P Multicount Services Limited
40-42 Vyzantiou Street, 3rd Floor, Office 301
2064 Strovolos, Nicosia, Cyprus
P.O Box 25582, 1310 Nicosia
Tel:+(357) 22-105300 Mob:+(357) 99 220585
Fax:+(357) 22 105600