News for Cyprus – Andersen in Greece

Cyprus Tax News: Submission deadline of SDC and GHS contributions extended

Andersen in Greece — Mon, 07 Feb 2022 14:05:07 +0000

The deadline for the electronic submission of the declarations for Special Defence Contribution (SDC) and General Healthcare System (GHS) contributions withheld on interest (T.D. 602) and dividend (T.D. 603) payments, has been extended to 31 March 2022. Submissions made after this date will be subject to a fixed penalty of €100. It is clarified that the extension does not apply to the settlement...

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Cyprus Tax News: FAQs on back-to-back financing arrangements

Andersen in Greece — Mon, 07 Feb 2022 10:46:55 +0000

The Cyprus Tax Department (CTD) has issued a new Frequently Asked Questions (FAQs) section on its website associated with Interpretative Circular 3 dated 30 June 2017 titled “Tax treatment of intra group back to back financing transactions”. The Circular provides for the application of transfer pricing methodology to such activities based on the arm’s length principle as advocated by the...

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Happy Data Protection Day, 28th of January 2022

Andersen in Greece — Fri, 28 Jan 2022 12:09:32 +0000

The Data Protection & Privacy team of Andersen Legal, Greece wishes you all a Happy Data Protection Day! May this year, with all challenges included, amidst the pandemic, raise compliance levels and privacy awareness across all industries and sectors. To celebrate this day, our team has prepared a short list with 5+1 privacy tips, in order for you to be prepared in 2022. PRIVACY: 5 + 1 Tips for...

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Cyprus Tax News: Cyprus – Jordan tax treaty signed and published

Andersen in Greece — Tue, 11 Jan 2022 15:39:13 +0000

On 17 December 2021, Cyprus signed a tax treaty for the avoidance of double taxation (the “treaty”) with Jordan, which was published in the Official Gazette on 31 December 2021. The treaty will enter into force after the necessary legal procedures are completed. Once it enters into force, the treaty will have effect in both contracting states on or after 1 January following the date the treaty...

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Cyprus Tax News: Laws for the prevention of international tax abuse

Andersen in Greece — Mon, 10 Jan 2022 15:36:27 +0000

The Cyprus House of Representatives has voted into law two bills for amending the Cyprus Tax Legislation, with the purpose of strengthening the Cyprus tax framework for the prevention of tax abuse, tax evasion and tax avoidance. The bills were passed by the House on 9 December 2021, were published in the Cyprus Government Gazette on 21 December 2021 and will come into effect on 31 December 2022.

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Cyprus Tax News: Extension to the deadline for payment of the 2021 annual company levy

Andersen in Greece — Wed, 29 Dec 2021 15:30:51 +0000

We would like to inform you that that in accordance with the relevant announcement of the Department of Registrar of Companies and Intellectual Property, the deadline for payment of the 2021 annual company levy has been extended from 31 December 2021 to 31 March 2022. Should the annual company levy be paid after 31 March 2022, the standard penalties will apply. It should be noted that non-payment...

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Cyprus Tax News: Amendments to the Income Tax Law

Andersen in Greece — Thu, 23 Dec 2021 09:58:42 +0000

On 21 December 2021, two amending laws were published in the Official Gazette that aim to strengthen the Cyprus tax framework for the prevention of tax abuse. The new provisions, which amend the Special Contribution for Defense Law (SCDL) and the Income Tax law (ITL), are effective as from 31 December 2022. The laws are in line with recent EU Country-Specific Recommendations (CSRs) for Cyprus and...

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Cyprus Tax News: The Register of Beneficial Ownership

Andersen in Greece — Tue, 21 Dec 2021 12:52:55 +0000

We would like to inform you that that the submission of data concerning beneficial ownership is due by 12 March 2022 in accordance with the relevant announcement of the Department of registrar of Companies and Intellectual Property. Legal background In early 2021, the Cyprus government transposed the 5 th EU Anti-Money Laundering (AML) Directive into Cyprus legislation, amending the Law for the...

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The Resilience and Recovery Guide

Andersen in Greece — Fri, 17 Dec 2021 11:03:09 +0000

Andersen´s European Business Incentives and Tax Credits Practice has prepared a The Resilience and Recovery Guide. One of the hot topics the European Union is dealing with is the establishment and operation of a special new fund and program, the so-called Recovery and Resilience Facility (“RRF”). In response to the outbreak of the COVID-19 pandemic, EU leaders have agreed to launch this special...

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Circular issued setting out clarifications on the penalties imposed for non-compliance with DAC6 obligations

Andersen in Greece — Mon, 06 Dec 2021 09:20:23 +0000

Following the transposition of DAC6 into domestic legislation and the issuance of the related Guideline in the form of a Decree, on 19 November 2021 the Tax Department (TD) issued a Circular which sets out certain clarifications on the administrative fines imposed for non-compliance with the DAC6 reporting obligations. Based on the law, administrative fines are imposed for the below infringements...

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