Tax Country Comparative Guide

1. How often is tax law amended and what are the processes for such amendments?

Apart from implementation of EU directives, amendments to the Cyprus tax laws are generally "infrequent". It follows that taxpayers can undertake transactions with a high degree of assurance that the tax environment they anticipated at the time of a transaction will continue to apply. There is generally advance consultation with stakeholders over a period of several months before new legislation is enacted. However, the international tax landscape is changing rapidly and Cyprus can be expected to keep up to date with international as well as OECD standards.

2. What are the principal procedural obligations of a taxpayer, that is, the maintenance of records over what period and how regularly must it file a return or accounts?