The ratification procedure in both countries has been completed and the Double Tax Treaty will enter in to force on 30 June 2023. It will generally apply as from 1 January 2024.
The Cyprus Tax Department issued an announcement on 23 May 2023 concerning the 10-year government bond yield rates as at 31 December 2020, 2021 and 2022 for a number of countries.
The Tax Department announced on 3 May 2023 that the deadline for submission of VIES forms for April 2023 is also extended to 26 May 2023.
The Tax Department announced on 20 April 2023 that the deadline for submission of VAT returns, and payment of any amount due, for the VAT period from 1 December 2022 to 28 February 2023 is further extended to 10 May 2023.
The Directive targets EU tax resident entities that are engaged in cross-border economic activities but have little or no economic substance, known as “shell entities”.
The Cyprus Tax Department published on 16 March 2023 the bond yield rates as at 31 December 2022 for a number of countries, to be considered for the Notional Interest Deduction to which equity injected in to Cyprus companies is entitled for 2023.
The Tax Department announced on 17 March 2023 that the deadline for submission of VAT returns is extended as follows...
The Cyprus Tax Department issued additional Frequently Asked Questions (FAQs) on its website, providing guidance on certain aspects of the Transfer Pricing Rules introduced with effect from 1 January 2022.