On 1 December 2021 the Cyprus Minister of Finance issued an Announcement saying that the late submission of certain direct tax returns will not carry any administrative penalties if these direct tax returns are submitted by the end of Monday 6 December 2021.

Cyprus has opted for the Model B approach as foreseen in ATAD.

On 24 September 2021 the Minister of Finance issued a decree extending further the deadline for submission of certain direct tax returns.

The Protocol to the Cyprus-Russia DTT which amends the withholding tax rate on dividend and interest payments was signed on 8 September 2020 by the Minister of Finance of the Republic of Cyprus ...

In its latest periodic review by the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes, Cyprus' overall rating remains ‘Largely Compliant' as per an official report of the Global Forum released today.

On 11 March 2021 the Cyprus Parliament voted to extend the tax benefits available (under certain requirements) to landlords that voluntarily reduce the rental amount.

On 11 February 2021 the Cyprus Parliament voted to amend certain provisions relating to the Central Agency for Equal Distribution of Burdens (Creation, Objects, Responsibilities, and Other...

On 27 October 2020 the CTA issued Implementing Directive No. 04/2020, which clarifies the application of the Cyprus Income Tax Law provisions (Article 2) related to tax residency and PE during the COVID-19 crisis.

As indicated in our Tax Update Newsletters N-5-2018 and N-16-2018 a new double tax treaty (the new DTT) between Cyprus and the UK was signed on 22 March 2018 and is effective in Cyprus as from 1 January 2019.

The Cyprus tax authority (CTA) opened on 14 November 2017 a public consultation on Cyprus' transposition into national law of the two EU Directives on anti-tax avoidance (ATAD1 & ATAD2).

As from 22 February 2021 a levy of 0,4% applies on all disposals of immovable property that are within the current control of the Republic (i.e. both trading-nature and capital-nature disposals).

There is no capital duty payable if the shares are issued at their nominal value. There is a €20 flat duty if the shares are issued at a premium...

The House of Representatives approved on Friday 22 May 2020 a government bill in the context of the plan to support the Cyprus economy.

The amendments became effective as from the date of their publication.

Plant and machinery acquired in 2012-2016 benefited from 20% per annum tax depreciation (excluding such assets already eligible for a higher rate of annual tax depreciation).

On 26 June 2020, the new Council Directive (EU) 2020/876 of 24 June 2020 amending Directive 2011/16/EU (commonly referred to as the DAC)...

Following the relevant legislative amendment voted by Parliament on 27 March 2020, the Minister of Labour, Welfare and Social Insurance exercised the powers granted.

The Cyprus Parliament voted on 19 June 2020, the Cyprus transposition of the European Union (EU) Anti-Tax Avoidance Directive (ATAD) for Exit taxation and Hybrid mismatch rules.

Following signature jurisdictions should each complete their own domestic process to ratify/accept/approve the MLI.

Cyprus has cut its dividend tax rate from 17% to 5% starting January 2026, but the reduction applies only to profits earned from that date forward.