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BRIEFINGS

In the context of transposing the Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015, which relates to the prevention of money laundering and terrorist financing, into the national law of the Republic of Cyprus, Section 61A(4)(a) of the “Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (188(I)/2007)” provides for the maintenance of a central registry holding information in relation to the beneficial owners of companies and other legal entities.
The Tax reliefs provided by a number of Laws for the reinforcement and promotion of loan restructuring which would have expired on 31/12/2020, have now been extended until 31/12/2021.
The new amending Law N.179(I)/2020 provides that the exemption of 20% (maximum €8550) of the income of a person from employment in Cyprus, who was not a tax resident of Cyprus during the previous tax year, will apply to any such new employment starting any time up to year 2025.
According to a Decree published in the Official Gazette on the 27th of November 2020, the deadlines for the submission of personal income tax returns for the year 2019 and payment of tax, are further extended to the 15th of December 2020.
The transitional period for Brexit ends on the 31 December 2020. In this briefing, we attempt to provide in short what UK nationals would need to consider and the options they have, especially if they have or are thinking of setting up a business in an EU country. With this in mind and the possibility of a no-deal Brexit looming, British businesses could benefit from transferring their businesses to Europe and if so, why not in Cyprus!
The European Commission published recently on its website a new database which offers users the facility to search and find the VAT & Tax rates in force across the Member States.
In accordance with VAT Law 147(I)/2020 (published on the 2nd of November 2020), the relevant provisions of the Vat Law have been amended in order to extend the deadline for the VAT that was due on the 10th of November 2020 for the periods ended 29/02/2020, 31/03/2020 and 30/04/2020 excluding certain categories of taxable persons.
Transfer pricing are the prices at which associated entities, such as subsidiaries and group companies, transfer goods, services and other intangible and tangible assets between each other.
According to a Decree published in the Official Gazette on the 20th of October 2020, the deadlines for the submission of personal income tax returns for the year 2019 and payment of tax, are extended to the 30th of November 2020.
The government of Cyprus announced yesterday the Council of Ministers’ decision to abolish the Cyprus Investment Programme (CIP) in its current form.  The programme will be abolished from November 1st.
Various amendments have been published in the Cyprus Official Gazette effective as from the 20th of August 2020 (unless specified otherwise).
The Council of Ministers has approved the creation of a Fast Track Business Activation Mechanism for setting up a company in Cyprus by third-country nationals to attract more foreign investment to the island.
Certain provisions of the Assessment & Collection of Taxes Law 4/78 were amended by Law 126(1) of 2020 and were published in the Official Gazette on 20.08.2020.
Stamp duty is payable on all agreements and documents which involve any property situated in Cyprus and/or matters or things taking place in Cyprus.
Cyprus and Russia have just agreed on an amendment of the double taxation agreement between the two countries. The Russian government assured the withdrawal of the termination procedures of the Convention.
An updated agreement for the elimination of double taxation on income and on capital has been signed between Cyprus and the United Kingdom.
The European Union has published on 23.01.2018 a new blacklist of tax havens, naming only 9 countries out of the 92 included initially.
On 03/01/2018, the governments of Cyprus and Saudi Arabia signed an agreement for the Avoidance of Double Taxation (the DTT).