The Cyprus legislation recently amended where an individual can be considered as a Cyprus Tax resident if all of the following conditions are met: • stays in Cyprus for one or more periods of at least 60 days; • does not stay in another state for one or more periods exceeding a total of 183 days; • is not a tax resident in another state; […]
Extension of the period for the scheme of settlement of overdue taxes by monthly installments On 29 September it has been voted by the parliament amendments to the law for the settlement of the overdue taxes by installments. The amendments are as follows: a) The deadline for the for submission of a claim for the payment of tax by installments has been extended from 3 […]
On February 2017, the Cyprus tax department (CTD) has send a letter to the Institute of Chartered Accountants (ICPAC) relating to the minimum margins on back to back loans transactions that CTD used to accept. As per the letter, the existing regime (with the minimum margin requirements) will be abolished from 01/07/2017 onwards. This decision was taken due to the international tax developments (OECD/G20 initiative […]
Postponement of application of Article 13 “Capital Gains” of the double tax treaty between Cyprus and Russia. The related article relates to taxes on gains on sale of shares of companies that derive more than 50% of their value from investment property. As per the double tax treaty from 01.01.2017 each contracting state could impose tax on such profits. The application of the article has […]
