An amendment of article 8 (23A) of the Income Tax Law 2002 was published on 30th June 2023 in the Official Gazette of the Republic of Cyprus with a retrospective application beginning from 1 January 2022.
The Council of Ministers approved on 30/11/2022 the amendment of the policy for the registration of companies in the Register of Foreign Interest Entities, which is currently being administered through the Business Facilitation Unit (“BFU”).
With a recent judgment given on 22 November 2022 in joined cases C-37/20 and C-601/20, the Court of Justice of the European Union (CJEU), while evaluating articles 7 and 8 of the Charter of Fundamental Rights of the European Union, has ruled that public access to the registers of Beneficial Owners infringes the rights to respect of private life and to the protection of personal data.
The Registrar of Companies has issued an announcement relating to an extension of annual levy payment for the year 2022 by registered companies. Such payment is extended until the 31st of December 2022.
The Companies Amending Law 88(I) of 2022, which was published in the Official Gazette of the Republic of Cyprus on 24/06/2022, introduced certain changes to the Companies Law, in relation to the requirement of audit or review of financial statements of companies.
A new tax incentive scheme which aims to attract foreign companies and high-skilled employees to Cyprus has been approved by Ministers on 10.05.2022. The scheme further seeks to repatriate Cypriot professionals who are currently living and working abroad by offering them the same benefits as their foreign counterparts.
According to the amending Law 42(I)/2022 published in the Official Gazette of the Republic on 31 March April 2022 the filings of TD4 and TD1 have been extended to 31 July 2022 without the imposition of any penalties.
Τhe Department of Registrar announced yesterday (01/03/22) that the submission deadline of data relating to beneficial owners in the Register of companies and other legal entities is extended to 31.07.2022.
On 09.12.2021, the Cyprus House of Representatives passed important amendments to the Income Tax Law and Special Contribution for the Defence Law. These amendments were published in the Cyprus Government’s Official Gazette on 21.12.2021 and the most important are the definition of Corporate Tax Residency for Companies and the Withholding Tax Deduction on dividends and interest paid to companies resident in EU Blacklisted jurisdictions.
On 04/02/2022 the Council of Ministers issued a new decree according to which individuals whose gross annual income for 2021 is under €19,500 are exempted from the submission of income tax return for the same year.
On 19/02/2021, the existing tax treaty between Cyprus and Germany was amended and a new protocol was signed. The above-mentioned protocol entered into force on 08/12/2021 and has an effective date as from 01/01/2022.
On Friday 15/10/2021, the Cyprus Ministry of Finance announced an action plan for attracting foreign investment and enhancing business activity in Cyprus through the transformation of the existing Fast Track Business Activation Mechanism (FTBA) into a Business Facilitation Unit.
Cyprus is an attractive solution for foreign companies and due to its competitive advantages always provides fruitful grounds for attracting companies and investments. It is an international business centre and an ideal point of entry to the EU with a strategic location.
A company who has re-domiciled in Cyprus is subject to all statutory obligations and able to exercise all powers of a company incorporated in Cyprus. Consequently, a company who has re-domiciled in Cyprus will have the obligation to submit its beneficial ownership details to the Register.
In an attempt to strengthen and harmonize the framework with regards to the prevention and suppression of money laundering, the Register of UBOs in Cyprus has been created beginning of 2021. The deadline date for submission has been revised to be the latest on 12/03/2022.
It is a legal requirement for every Cyprus limited liability company to appoint a Secretary. The Secretary can be a Cyprus resident or a non- resident. It is advisable that a person residing in Cyprus is appointed since the Secretary is responsible for many and various administrative matters relating to the Company.