On 1 February 2024, the Cyprus Tax Department published revised thresholds for what concerns the obligation to prepare a Local File for transactions with related parties (known as “Controlled Transactions”).
Following the implementation of EU Council Directive 2021/514 (DAC7), which amended Directive 2011/16 on administrative cooperation in the field of taxation (DAC), in to local legislation...
On 11 December 2023 Cyprus and France signed a Double Tax Treaty (DTT) which, once it enters in to force, will replace the existing treaty between the two countries, dated back in 1981.
Through an amendment approved by the Cyprus Parliament on 6 December 2023, the Special Contribution for Defence rate on interest income has been reduced from 30% to 17%.
Companies with accounting profits for tax year 2021 which fall within the Deemed Distribution (DD) provisions, would have to declare a sufficient amount of dividend, in order to meet the 70% threshold of distributed profits on or before 31 December 2023.
As from 1 January 2024, the Social Insurance Contribution rates for each of the employer and the employee are increased by 0,5% and for self-employed individuals by 1%.
On 17 October 2023 Cyprus and Croatia signed a Double Tax Treaty (DTT). The treaty was published in the Official Gazette of the Republic of Cyprus on 27 October 2023.
The EU Council revised its list of non-cooperative jurisdictions for tax purposes on 17 October 2023, adding Seychelles, Belize and Antigua and Barbuda.
