On 22 June 2023 the Cyprus Parliament approved further amendments to the Income Tax Law in relation to this incentive.
The Cyprus Tax Department announced on 9 June 2023, that the deadline for submission of the Income Tax Return for the year 2022 is extended from 31 July 2023 to 2 October 2023.
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.
On 2 May 2023 the Council of Ministers of the Republic of Cyprus approved a Decree which amends the VAT Law in order to provide for a zero rate of VAT on supplies of specific items.
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”.
