The Department of Taxation has recently announced an extension of the deadline for submitting the Individual Income Tax Declaration for the year 2022. This update grants individuals more time to fulfill their tax obligations and comes in response to a…
The Council of Ministers has approved a Decree to amend the VAT Law and impose a zero VAT rate on certain basic items from the date of the Decree’s publication in the Official Gazette (5 May 2023) until 31 October…
On January 17, 2023, the Cyprus Tax Department revealed the creation of the Tax For All (TFA) system, which is intended to gradually replace the existing TAXISnet platform. The initial phase will target VAT-registered individuals and businesses. The TFA portal…
Following our previous tax alert, we would like to inform you that the Inland Revenue Department (IRD) has recently added three more “Frequently Asked Questions” (FAQs) to their transfer pricing section. These new FAQs, which can be found on the…
On 10 February 2023, the Cyprus Tax Department (CTD) published a “Frequently Asked Questions” (FAQs) section on its website concerning transfer pricing. The FAQs provide basic guidance on certain aspects of the new Transfer Pricing documentation rules that were introduced…
On November 1st, 2022, the Cyprus Tax Department released Circular 10/2022, providing further guidance on the recently introduced tax incentives for first employment in Cyprus under articles 8(21A) and 8(23A) of the income tax legislation. The circular covers general clarifications,…
The Republic of Cyprus has finally published the long-awaited tax incentives for individuals regarding their first employment in the country. These new incentives, which are part of the government’s broader plan to lure businesses and skilled individuals from abroad, were…
On 9 June 2022, the Cyprus House of Representatives approved amendments to the Companies Law and the Assessment and Collection of Taxes law, aimed at simplifying the audit process for small and medium-sized enterprises (SMEs). The amendments allow qualifying enterprises…
On 30 June 2022, the Cyprus House of Representatives passed a set of measures to implement comprehensive transfer pricing requirements for businesses, following the recommendations of the OECD under the Base Erosion and Profit Shifting (BEPS) project. The…
Amendments to the Special Contribution for the Defence Law were published in the Cyprus Government Gazette on June 8, 2022. The amendments have expanded the eligibility criteria for taxpayers who can benefit from a 3% tax on interest income generated…