On 21 March 2018, the European Union Commission proposed the adoption of new rules on the imposition of Digital Service Tax to tax digital business activities in a fairer and more growth-friendly way within EU.

On 22 February 2021, the Council of the European Union (the Council) updated the European Union (EU) list of non-cooperative jurisdictions for tax purposes (the EU List).

Forms relating to the period January 2019 until December 2021 shall need to be electronically submitted by 31 January 2022.

As part of the new tax package on fair and simple taxation, in July of 2020 the European Commission proposed the amendment of the EU Council Directive 2011/16 on Administrative Cooperation...

Cyprus Tax Tribunal ruled, in the Banking case represented by EY, that payment systems services (VISA, MasterCard, Amex) are VAT exempt.

The TD has indicated that although such guidance is not binding, the intention of the TD is to follow such guidance as deemed appropriate.

Assessment and Collection of Taxes Law, every company or individual (who derives income other than from emoluments) must pay by 31 July 2021 an estimate of the taxable profit for (corporate) income tax purposes ...

The current year will more likely be remembered as the year prompting for change.

The recognition of provisions/ impairments of receivables should not be considered as a revaluation for the purposes of Deemed Dividend Distribution.

For the tax years up to 2019 (inclusive), the above obligation does not apply for Individuals with gross annual income below the tax free threshold of €19.500.

On 1 July 2021, at the conclusion of two days of virtual meetings of the OECD/G20 Inclusive Framework on BEPS, the OECD released a Statement on a Two-Pillar Solution to Address the Tax Challenges Arising From the Digitalisation of the Economy, ...

On March the 30th EY Cyprus organised a webcast with the topic "The future of work and the future of Skills".

On 31 March 2021, the law (Ν. 41(Ι)/2021, the 'Law') amending the Law on Administrative Cooperation in the field of Taxation (Law N. 205(I)/2012) entered into force.

For new companies to be registered, an investment of €200.000 is required (previously investment was €171.000).

In the case of a person who is tax resident in Cyprus tax is levied on all income accruing or arising from sources both within and outside Cyprus, in respect of...

The key NID provisions and the applicability of the 10-year government bond yield rates are summarized below.