Double Tax Treaty Between Cyprus and the Netherlands Enters in to Force

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.

Reference Interest Rates for Notional Interest Deduction on Equity

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.

Amendments to the Cyprus Permanent Residence Permit Programme

To address some shortfalls of the Programme, important amendments were introduced with effect on 2 May 2023. These amendments are...

Temporary Application of Zero VAT Rate for Essential Items

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.

Extension of VIES Deadline

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.

Further Extension of VAT Deadline

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.

Easter Holidays 2023

It is in times like this that we all need to pause on some occasions from our routine concerns and habits, for relaxation, reflection and spending time with our loved ones.  

ATAD 3: EU Unshell Directive

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”.

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