In order to transpose the Act’s requirements into the domestic legislation of Cyprus, a Decree was published on 31^st August 2015, in accordance with the provisions of Article 6(16) of the Assessment and Collection of Taxes Law of 1978 to 2015. A revised decree was published on 21^st of July 2016 to incorporate specific changes.

Based on the revised Decree, a Passive NFFE will now be required to disclose the information of its Ultimate Beneficial Owners only where the effective percentage shareholding exceeds the 25% threshold. Prior to this change, disclosure was required where the effective percentage shareholding exceeded the 10% threshold

All content prepared by KPMG Cyprus.