New Transparency Rules for Tax Advise intermediaries

June 25, 2017

New Transparency rules issued by the EU concerning intermediaries that provide tax advisory services. Introduction   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, […]…


Cyprus issues revised Country by Country Reporting Decree

June 11, 2017

Country by Country Reporting Decree has been revised   Introduction   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.     Main changes   Below are the main changes from the […]…


Cyprus extends its Double Tax Treaty relations

May 28, 2017

Cyprus signs two more double Tax treaty agreements    Introduction   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.   Treaty with Luxembourg     As mentioned above, a treaty was […]…


Update On CbC Reporting Implementation by OECD

May 13, 2017

The OECD updates on CbC Reporting Implementation    Introduction   The OECD 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 […]…


Cyprus signing Tax Treaty with Iran entered into force

April 30, 2017

Cyprus and Iran Tax Treaty to be in effect as from 1 January 2018   Introduction     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 […]…


Cyprus Adopts Startup Permit Scheme for Third Country Residents

April 15, 2017

Cyprus Startup Visa Adopted for Third Country Nationals     Introduction     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 […]…


Wider access to beneficial ownership registers is underway

March 18, 2017

MEPs call for wider access to beneficial ownership registers.   Introduction   The implementation of the fourth AML Directive is approaching and MEPs 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 […]…


EU consultation against VAT fraud

March 5, 2017

EU Consultation issued for administrative cooperation and the fight against VAT fraud.     Introduction    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 […]…