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!
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.
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 citizenship through investment programme (CIP) in its current form. The programme will be abolished from November 1st.
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.
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.
On 29.06.2016 the negotiation on the Double Taxation Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income between Cyprus and India has been effectively completed.