Cyprus entered 2026 with one of the most significant tax overhauls seen in recent years. For businesses, shareholders, internationally mobile individuals and group structures, the changes are important not only because of the new tax rates, but also because they…
On Wednesday, 26 February 2025, the Cyprus Tax Reform Team—spearheaded by the University of Cyprus’ Center of Economic Research—unveiled a series of suggested changes to the country’s tax framework at the Presidential Palace. These proposals will soon enter a phase…
On 12 February 2025, the Tax Department provided an update for taxpayers involved in related party transactions under Section 33 of the Income Tax Law. Although such taxpayers must normally file a Summary Information Table (SIT) by 28 February 2025,…
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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,…