Ruling Tax Matters Administrative Fee :There has been a new decree; the Administrative Decree issued by the Cypriot Council of Ministers, pursuant to the powers granted by Income Tax Law by virtue of Article 44 A.The new decree relates to the imposition of administrative fees for the issuance of a tax ruling in Cyprus.It was published in the Official Gazette of the Republic of Cyprus at the end of April 2016 and it is anticipated to apply next month.

Ruling Tax Matters Administrative Fee :Application

Ruling Tax Matters Administrative Fee: As per the provisions of the new Decree, according to the announcement by the Taxation Commissioner, the fee of EUR 1,000 as an administrative fee will be payable to the Tax Authorities by the taxpayer for the issuance of a tax ruling.

This will be applied for the purpose of issuance of a response to a tax ruling request by the Rulings Division of the Cypriot Tax Department. In cases where a person wishes for the procedure to be expedited then a fee of EUR 2.000 will be payable for expediting the process.

In such cases the Tax Authorities will commit to issue a tax ruling and a response will be issued within 21 working days from the submission date of the request.

The Tax Authorities in Cyprus have also confirmed that payments will be accepted online.Once the respective payment is made, then the receipt of such payment will be submitted to the Tax authorities along with the request in order to initiate the process.

 

Effective date

Ruling Tax Matters Administrative Fee:

It is expected that the application of such fees respectively will come to effect as of mid May 2016.The Cypriot Tax department will also be issuing a specific form to be completed for the ruling request in order for payments to be performed also.

 

 

 

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