We would like to inform you that the Cypriot House of Representatives has voted for an amendment to the Assessment and Collection of Taxes Law which in effect, extends the submission deadline of the Income Tax Return for individuals.

Further to our prior Tax Newsletters issued in relation to the Procedure for Settlement of Overdue Taxes Law (L.4(I)/2017), we would like to inform you that on 29 April 2021 law 79(I)/2021 ("Amending Law") was published ...

The CTD had issued an earlier announcement extending the non-imposition of administrative fines for DAC6 submissions until 30 June 2021.

On 29 July 2021, the Cypriot Tax Department (CTD) issued an announcement regarding a new XML Schema that enters into force on 5 August 2021.

There is almost a universal agreement that legislative changes to tax collection and reporting constitutes a powerful measure to tackle tax fraud and non-compliance.

The Ministry of Finance – Tax Department, issued two circulars (no. 48 and no. 49) on 20 July 2021 with regard to the tax treatment of government grants and allowances that are given to companies, ...

The commencement of the issuance of the new residence documents does not affect the procedures followed, applications and fees.

On 11 May 2021 the Settlement of Overdue Social Contribution (Amending) Law (N.2) (N.102(I)/2021) was published in the official Gazette of the Republic.

On 26 July 2021, the Economic and Financial Affairs Council (ECOFIN) approved Cyprus' National Recovery and Resilience Plan (RRP).

On 7 October 2020, the Cypriot Tax Department issued Application Guidance No 3 relating to Tax Audits and Revision of Tax Returns in the context of the Assessment and Collection of Taxes Law.

Pursuant to the provisions of Regulation 6 (2) of the Aliens and Immigration Regulations, the Minister of Interior decided on the 24th of March, after informing the Council of Ministers, to issue Immigration Permits to third-country national applicants.

Mandatory disclosure rules are not something new for European Member States ("EU MS").

The above amendment, introduced by Article 11E, is widely anticipated to improve VAT collection and tackle the growing concern of tax evasion.

In July 2020, Cyprus and Switzerland signed an amending protocol to update the 2014 Cyprus - Switzerland Income and Capital Tax Treaty.

The beginning of 2021 marks more than one year from the date when the first draft version of the Cypriot law implementing the EU Directive 2018/822 on the mandatory disclosure and exchange of information on ...

During mid-July 2020 and upon the near 10-year anniversary since the adoption of Directive 2011/16/EU on administrative cooperation in the field of taxation, the European Commission unveiled a directive proposal ...

By the end of 2021, it is expected that the transition of multiple Interbank Lending Rates (‘IBORs'), including the London Interbank Offer Rate (‘LIBOR'), will take place.

We note that the overdue contributions can be settled in 54 monthly instalments.

This article summarizes the key provisions of the new tax treaties and the amending protocol which are in effect as of 1 January 2021.

On 3 February 2021, the Cypriot Tax Department issued an announcement which provides for an extension of the deadlines for the submission of information on reportable cross-border tax arrangements under the EU Directive ...