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%.
With a decree published in the Official Gazette of the Republic of Cyprus on 29 December 2023, the Minister of Finance has increased the public interest rate...
The Tax Department announced on 19 December 2023 that the deadline for submission of VAT returns, and payment of any amount due, for the VAT period from 1 September 2023 to 30 November 2023 is extended from...
On 30 November 2023, the Cyprus Parliament approved an amendment of the Civil Registry Law , modernising the current legal framework and relaxing the requirements and criteria for naturalisation of foreign nationals...
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.
