The provisional tax return requires the estimation of the provisional taxable profit for the current year and the payment of the respective provisional tax liability in two equal instalments, i.e. by 31 July 2023 and 31 December 2023. It is noted that the final tax liability for the tax year 2022 should be settled by 1 August 2024.
Cyprus tax resident individuals (domicility is irrelevant) having income other than employment income may also need to file a provisional tax declaration in order to settle the National Health Contributions relating to such...
Notional Interest Deduction – The Basics
The Notional Interest Deduction (“NID”) is a new powerful tool provided to local and international businesses
which enables them to deleverage and realize a tax efficient return on new (qualifying) equity. This return is
achieved through the deduction of a “notional” interest expense from their taxable income. This means that
properly managed and structured a company's corporation tax duty can be dropped from 12.5% to as low as
2.5% making the company a substantial saving in corporation tax.
Please refer to the below link for more information:
Notional Interest Deduction –...
THE INTELLECTUAL PROPERTY (IP) TAX REGIME IN CYPRUS
On 14 October 2016, the House of Representatives passed amendments to the Income Tax Law in order to align the current Cyprus IP tax legislation with the provisions of Action 5 of the OECD’s Base Erosion and Profit Shifting (BEPS) project.
The amendments apply retroactively, as from 1 July 2016. The revised legislation includes certain transitional provisions for IP assets that have already qualified under the existing IP box regime.
In such cases, taxpayers will continue to benefit from the existing IP regime for a...
Cyprus is one of the most popular locations in Europe for starting a business and to Register a Company.
The Island is an attractive destination and offers a lot of advantages for investors.
Please refer to the link for more information about Cyprus and it’s benefits for local and international investors.
Registering a company is a process that requires knowledge and expertise of certain legal rules and regulations.
The investors has the option of using one of the following legal entities:
a limited liability Company
a partnership
a branch of a foreign Company
A Cyprus company...
Ο Νέος Νόμος περί Προστασίας φυσικών προσώπων έναντι της επεξεργασίας δεδομένων προσωπικού χαρακτήρα από αρμόδιες αρχές (44(I)/2019)
Δημοσιεύθηκε στην Εφημερίδα της Δημοκρατίας ο νέος Νόμος 44(Ι) του 2019 περί της Προστασίας των Φυσικών Προσώπων Έναντι της Επεξεργασίας των Δεδομένων Προσωπικού Χαρακτήρα από Αρμόδιες Αρχές για τους Σκοπούς της Πρόληψης, Διερεύνησης, Ανίχνευσης ή Δίωξης Ποινικών Αδικημάτων ή της Εκτέλεσης Ποινικών Κυρώσεων και για την Ελεύθερη Κυκλοφορία των Δεδομένων αυτών. Ο νόμος αποτελεί ενσωμάτωση στο εθνικό δίκαιο της ομώνυμης Οδηγίας (ΕΕ) 2016/680 και οι διατάξεις του εφαρμόζονται :
(α) Στην επεξεργασία δεδομένων προσωπικού χαρακτήρα...
