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.
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.
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 EU Council revised its list of non-cooperative jurisdictions for tax purposes on 14 February 2023, adding Russia, the British Virgin Islands (BVI), Costa Rica and the Marshall Islands.
Companies with accounting profits for tax year 2020 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 2022.
The treaty entered in to force on 11 April 2022 and it generally applies as from 1 January 2023.
The Protocol amending the Double Tax Treaty between Cyprus and Germany entered in to force on 8 December 2021.
