June 25, 2017
New Transparency Rules for Tax Advise Intermediaries: New transparency rules have been proposed by the European Union concerning intermediaries who provide tax advisory services to their clients including design and promotion of tax planning.The scope of those rules covers intermediaries such as business consultants, tax advisers, legal consultants/lawyers, financial institutions such as banks and accountants. […]…
June 11, 2017
Cyprus issues revised Country by Country Reporting Decree:The Ministry of Finance of the Republic of Cyprus has recently issued a revised Decree on Country by Country Reporting which replaces the initial Decree which was issued on 30 December 2016. Below are the main changes from the previous Decree as follows: The requirement of filing locally a CbC […]…
May 28, 2017
Cyprus signs two more double Tax treaty agreements :The Republic of Cyprus continues to extend its Double Tax Treaty Network and has done so recently by signing additional agreements with Luxembourg and Barbados. Both treaties are based on the OECD model treaty. Cyprus signs two more double Tax treaty agreements: Treaty with Luxembourg As mentioned above, […]…
May 13, 2017
C.b.C. Reporting Implementation by O.E.C.D.: The O.E.C.D. has issued recently an update on the list of automatic exchange relationships established among various jurisdictions under the Multilateral Competent Authority Agreement on the exchange of country-by-country reports. The signatories of the relevant agreement have commenced exchanging Country by Country reports multilaterally which was initially proposed by base […]…
April 30, 2017
Cyprus Signing Tax Treaty with Iran :The Republic of Cyprus continuously extends its Tax Treaty engagements and has done so with Iran on 4th August 2015. The said Tax Treaty has entered into force in March 2017 and it is based on the Organisation for Economic Co-operation and Development (O.E.C.D.) Model Convention. Cyprus Signing Tax Treaty […]…
April 15, 2017
Startup Permit for Third Country Residents : Cyprus Adopts Startup Permit Scheme for Third Country Residents: Cyprus has recently adopted the Startup Permit Scheme or otherwise known as “Startup Visa” which is applicable for residents in third countries which have an interest in moving to Cyprus for business purposes in establishing and investing in their […]…
March 18, 2017
Access to Beneficial Ownership Registers : The implementation of the fourth A.M.L Directive is approaching and M.E.P.s have agreed for a wider access to beneficial ownership by the public.What this means is that EU citizens could access the registers of beneficial owners of companies. The requirement of having to demonstrate a “legitimate interest,” in order […]…
March 5, 2017
EU Consultation Against VAT Fraud : A consultation has been issued as from 02.03.2017 to 31.05.2017 and concerns the following: Last year the Commission adopted an Action Plan towards a robust single European VAT area in relation to the definitive VAT system for cross-border supplies. As such, several VAT aspects will need to be examined, such as […]…
