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In the light of the shifting international tax landscape, enhancing economic substance is becoming a key factor in the formulation of a redefined global tax strategy.

On 2 January 2019 the Cyprus Tax department (CT) issued a circular (ΔΕ5) explaining the practice that CT will apply in relation to the documentation of a transfer pricing study.

On 25 October 2024, the Cyprus Tax Department ("CTD") announced that the Council of Ministers, in its meeting on 24 October 2024, decided to extend the deadline for submitting the 2022 and 2023 Income Tax Returns ("ITR") for persons obligated to submit the Table of Summarized Information ("TSI").

The relevant disclosure requirements must be followed by intermediaries and, in some instances, taxpayers.

The Tax Department announced that as of May 3rd 2023 tax payments through JCC platform will no longer be available and payments will be executed ONLY through Tax Portal.

Cyprus has an extensive network of double tax treaties with various countries, which can help in reducing or eliminating double taxation. Take advantage of these treaties to minimize your tax liabilities.

The integration of Artificial Intelligence (AI) into tax planning is revolutionizing how businesses approach their financial strategies. Predictive analytics...

In practice, Transfer Pricing is the Tax Law application of the arm's length principle, applied for determining a reliable and fair allocation and taxation of profits within multinational enterprises.

In continuation of our article issued in September 2023, in an important announcement on February 1, 2024, the Cyprus Tax Department has paved the way for a significant shift in the tax landscape...

The report acknowledges the exit taxation rules adopted by the EU in the ATAD I and the implementation of the BEPS action plan.

Country-by-Country reporting is a commitment undertaken by all OECD and G20 countries within the framework of Action 13 (Transfer Pricing Documentation and Country-by-Country Reporting)...

As of 1st July 2017, the tax treatment of intra-group financing arrangements has been amended in Cyprus.

Cyprus has taken a major step toward aligning with OECD and EU tax governance standards by refining and strengthening its Transfer Pricing (TP) framework.

The need for establishing a set of Transfer Pricing rules is based on the "Arm's Length principle" and is perhaps the most important tax issue from an economic point of view over the past 20 years.

On 11 February 2020, the OECD issued the long-awaited final version of the Financial Transactions paper (first issued as a non-consensus document in July 2018).

According to the announcement made by the Ministry of Finance on 25/09/2023, the timely submission of the Individual Income Tax Declaration (TD1) for the year 2022 and the payment...

Eurofast Accounting Team in Cyprus is delighted to bring you the latest insights from the Cyprus Tax Authorities. On the 20th of October 2023, the Tax Department issued Circular 9/2023,