Our News
Keeping you informed about the latest news, laws and updates in the field.
House of Representatives (June 2022) – Changes to obligations of Companies and individuals.
In June 2022, several important laws have been voted amending the below obligations that Cyprus companies and individuals have had up until recent. Reduction to the financial penalty for late...
Provisional Tax payment for the tax year 2022
As per the Cyprus Income Tax legislation, every Cyprus Company or self-employed, registered with the local Tax Authorities, is required to estimate its taxable profits for the year 2022, and pay...
Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements – 13 May 2022
On 13 May 2022 the Cyprus Securities and Exchange Commission (“CySEC”) announced the launch of the online platform for the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal...
Amendments to the special defence contribution – Taxation of interest – 8 June 2022
Amendments to the Special Contribution for the Defence Law were published in the Cyprus Government Gazette on 8 June 2022 in respect to the taxpayers eligible for the 3% taxation on interest accrued...
Social Insurance and National Health Insurance System Alert
Please see below several changes in respect to the Social Insurance contributions and the National Health Insurance System (NHIS) which are effective in 2020. Social Insurance Rates 2020 The maximum...
Amendments to the Notional Interest Deduction (NID) provisions of the Income Tax Law
Tax Updates Amendments to the Notional Interest Deduction (NID) provisions of the Income Tax Law On 16 June 2020, an amending Income Tax Law was published in the Official Gazette in respect to the...
Extended deadline for the submission of 2019 personal income tax returns and for the payment of Tax
In accordance with a Decree issued on 5 June 2020, the following deadlines are extended to 30 October 2020. Electronic submission of the 2019 personal income tax return by employees and pensioners...
Application of the reduced VAT rate from 9% to 5%
VAT UPDATES The Council of Ministers have issued a new decree (Κ.Δ.Π. 268/2020) dated 23.06.2020, regarding the application of the reduced VAT rate of 5% on hotel accommodation, restaurant...
Amendments to the Assessment and Collection of Taxes Law
On 20 August 2020, an amending law was published in the Official Gazette in respect to the Assessment and Collection of Taxes Law, which was followed by a clarifying Circular (Circular 46),...