Cyprus tax residency – “60 day” rule

Cyprus tax residency – “60 day” rule

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; […]

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Extension of the period for the scheme of settlement of overdue taxes

Extension of the period for the scheme of settlement of overdue taxes

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 […]

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Intra – group financing transactions

Intra – group financing transactions

Intra – group financing transactions. Circular issued from Cyprus Tax authorities On 30 June 2017 the Cyprus Tax Authorities issued a circular providing guidance regarding the tax treatment of the intra – group financing transactions following the abolishment of the minimum margin scheme from 01/07/2017. The circular applies for existing and future financing transactions, therefore existing arrangements need to be revised in terms to comply […]

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Scheme for settlement of overdue taxes by monthly installments

Scheme for settlement of overdue taxes by monthly installments

The Cyprus Tax Authorities issued an announcement where they give guidance regarding the implementation of the scheme. Important aspects of the law/scheme: 1. Type of taxes covered under the scheme a. Income Tax b. Special Defence Contribution c. Capital Gains Tax d. Inheritance Tax e. Immovable property tax f. Special Contribution g. Stamp Duty h. VAT 2.  Periods covered a. All taxes due for the […]

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