An amending Protocol to the Double Tax Treaty between Cyprus and Mauritius of 21 January 2010 was signed on 23 October 2017. The Protocol revises the provisions related to exchange of information in order to be in line with the OECD Model Tax Convention.
As last reported on 25 January 2016, Cyprus and Ethiopia signed a Double Tax Treaty. The ratification procedure was completed on 19 October 2017 and the treaty has entered in to force. It generally applies from 1 January 2018 in Cyprus and from 8 July 2018 in Ethiopia.
As we have reported previously a notional interest deduction on “new equity” has been introduced in Cyprus as from 1 January 2015.
The Cyprus Tax Department issued on 18 September 2017 a notification announcing the reference interest Read More
On 9 October 2017, the Cyprus Tax Department announced that the submission of information in relation to country-by-country (CbC) reporting, in line with BEPS Action 13, for the year 2016 had started. The reporting process will be performed through the Government Gateway Portal Ariadni. The reporting deadline has been extended from 20 October to 20 November 2017.
As we have reported previously, on 14 July 2017 the Parliament of Cyprus approved a bill that gives the right to an individual to be considered as tax resident in Cyprus, provided that he meets certain requirements. The new provision provides an incentive to individuals who are not tax residents in any other state for any tax year to consider Cyprus as their tax residence.
On 22 September 2017 the Tax Department Read More
A very important decision was issued on 2 August 2017 by the Commercial Court of the Kaliningrad District of the Russian Federation concerning the application of the beneficial ownership concept.Read More
A law (VAT Amendment Law No. 86(I)/2017 – the “Law”), which amends the procedure for challenging VAT matters was published in the official gazette of the Republic of Cyprus, signalling its coming in to effect.
Interpretative Circular on exemptions from income tax in relation to employment in Cyprus
On 24 July 2017 the Cyprus Tax Department has issued Interpretative Circular 2017/4 (the “Circular”) regarding exemption from income tax of income from employment in the Republic of Cyprus.Read More