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Alert 1, 2021 Cyprus law to implement Mandatory Disclosure Rules enters into force
On 31 March 2021, the law (Ν. 41(Ι)/2021, the Law) amending the Law on Administrative Cooperation in the field of Taxation (Law N.…
Alert 3, 2021 Alert 3, 2021 - DAC6
On the 21 September 2021, the Cypriot Tax Department announced a further extension to 30 November 2021of the non-application of administrative…
Alert 9, 2019 Alert 9, 2017 - Flat Annual Fee for all Companies registered at the Cyprus Companies House
Deadline for 2017 fee: 30/6/2017According to the Companies Law, all companies registered under the Registrar of Companies are liable to pay the 2017…
Alert 10, 2019 Tax Alert: Cyprus - Luxembourg Double Tax Treaty enters into force
A double tax treaty with Luxembourg has now entered into force and will come into effect on 1st January 2019. The new treaty is expected to…
Alert 11, 2019 Tax Alert: Cyprus - United Kingdom: New Double Tax Treaty
The new double tax treaty with the United Kingdom which had been signed on the 22nd of March 2018, has now entered into force and will come into…
Alert 1, 2018 New Economic Substance Requirements in the BVI
On 28 December 2018, the BVI Government passed the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the “Act”). The…
Alert 13, 2018 Brexit Negotiations: What is in the Withdrawal Agreement
The European Commission’s and the United Kingdom's negotiators have reached an agreement on the entirety of the Withdrawal Agreement of the…
Alert 12, 2018 Tax Alert: Clarifications for CbCR/DAC4 obligations
On 19 September 2018 the Tax Department announced the following regarding CbCR/DAC4 obligation. The Cyprus Tax Department informs all legal entities…
Alert 7, 2018 Immigration Alert - Cyprus Investment Program
The Cyprus Government has approved revised criteria for the Cyprus Investment Program, in an effort to continue to…
Alert 8, 2018 Tax Alert: Final Tax of Legal Persons and Individuals with Accounts for 2017
We remind our clients that the 1st of August 2018 is the last day for the payment of the final tax for legal persons and individuals…
Alert 6, 2018 Electronic Payment of Temporary Tax 2018
We remind our clients that the 31st of July 2018 is the last day for the payment of the 1stinstallment of the 2018 Temporary Tax for…
Alert 9, 2018 Tax Alert: Amendments to the taxation of Funds and Fund Managers
The Cyprus Tax Laws have been amended with regard to the taxation of individuals working in the Fund Industry and incur carried interest and to…
Alert 4, 2018 Electronic payment of Taxes
The Tax Department has announced that, as of June 1st 2018, the following taxes, not bearing interest and charges, can ONLY be paid via…
Alert 5, 2018 Data Protection - Privacy Notice
GDPR PRIVACY NOTICE Client’s Personal Data General Data Protection Regulation (GDPR) This regulatory notice is solely for informative…
Alert 2, 2018 Books and Records Keeping Obligations for Individuals | February 27, 2018
On February 9, 2018 the Cyprus Tax Department (CTD) issued Interpretative Circular 18, Income Tax, interpreting the obligations arising for…
Alert 7, 2018 Cyprus-Iran Double Tax Treaty enters into force
The double tax treaty with Iran has now entered into force and will come into effect as from 1st January 2018. The new double tax treaty…
Alert 13, 2017 Temporary Tax Return 2017
This is a reminder  that the deadline for the submission of a REVISED 2017 Temporary Tax Return is on 31 December 2017. Therefore, if there is…
Alert 1, 2017 NID Reference Rates for 2018 | February 23, 2018
The Cyprus Tax Department (CTD) announced the interest yields of the 10-year government bonds for a number of countries as listed below as at 31…
Alert 11, 2017 Guidance Notes on the Automatic Exchange of Financial Account Information
The Cyprus Tax Department has published the Official Guidance Notes for the application of the CRS, FATCA and DAC in Cyprus. Additionally, a…
Alert 8, 2017 Extension of the CRS Reporting Submission Date
The Cyprus Tax Department informs that the submission date of CRS Reporting by Financial Institutions is being extended until July 21st, 2017. For…
Alert 10, 2017 New Beneficial Ownership Requirements in the British Virgin Islands
While BVI registered agents have always maintained Beneficial Ownership records, to comply with the requirements of the Anti-Money Laundering Code of…
Alert 12, 2017 New rules for intra-group back-to-back financing arrangements
On 30 June 2017, the Cyprus Tax Department (CTD) issued a Circular with regards to the new rules for intra-group back-to-back financing arrangements,…
Alert 20, 2017 Alert 20, 2016 - Amendment of Article 13 of the Cyprus-Russia Double Tax Treaty
The Ministry of Finance of Cyprus announced that an agreement has been reached between the Russian Authorities and the Authorities of Cyprus for…
Alert 6, 2017 Alert 6, 2017 - Cyprus - Jersey Double Tax Treaty enters into force
The double tax treaty with Jersey has now entered into force and will come into effect as from 1st January 2018. The new double tax treaty…
Alert 5, 2017 Alert 5, 2017 - NID Reference Rates for 2017
The Cyprus Tax Department (CTD) announced the interest yields of the 10-year government bonds for Cyprus, Czech Republic, Germany, India,…
Alert 4, 2017 Alert 4, 2017 - Intention to abolish minimum profit margins in back-to-back loan transactions
In accordance with a letter issued by the Cyprus Tax Department to the Institute of Certified Public Accountants of Cyprus, the guidance as to the…
Alert 2, 2017 Alert 2, 2017 - KPMG Cyprus Tourism Market Report (Fourth Edition)
This is the fourth edition of KPMG Cyprus Tourism Report, providing an overview of the major economic factors affecting the industry as well as a…
Alert 1, 2017 Alert 1, 2017 - New Requirements for Panama Entities
Panama is introducing new rules for Juridical Persons through Law No. 52 of 27 October 2016 published in Official Gazette No. 28149-B. The new rules…
Alert 3, 2017 Amendments to the definition of tax resident for individuals
As of January 1st, 2017, the Cyprus Income Tax Law is amended with regards to the definition of “resident of the Republic” for…
Alert 3, 2016 Alert 3, 2017 - Cyprus-India double tax treaty developments
The amended Double Tax treaty between Cyprus and India is coming into effect on 1 April 2017. Key changes The amended  treaty allows for a…
Alert 19, 2016 Alert 19, 2016 - Common Reporting Standard (CRS) - The impact of CRS
The Common Reporting Standard The Common Reporting Standard (“CRS”) or the global standard for the automatic exchange of financial…
Alert 18, 2016 Alert 18, 2016 - Amendment of the Directive of the Central Bank of Cyprus to Credit Institutions for the Prevention of Money Laundering and Terrorist Financing
In April 2016, the Central Bank of Cyprus issued an amendment to its Directive to Credit Institutions for the Prevention of Money Laundering and…
Alert 17, 2016 Alert 17, 2016 - Obligation for record keeping for BVI companies, partnerships, trusts and other organisations
To ensure that BVI remains compliant with OECD requirements, the BVI Business Companies Act provides the record keeping obligations and exact…
Alert 16, 2016 Alert 16, 2016 - Revised criteria for granting the Cypriot citizenship by investment
The Cyprus Government through the Ministry of Interior, has approved the revised criteria for granting the Cypriot citizenship by investment, in an…
Alert 15, 2016 Alert 15, 2016 - Foreign Account Tax Compliance Act (FATCA) – Revised Decree in accordance with the Assessment and Collection of Taxes Law
In order to transpose the Act’s requirements into the domestic legislation of Cyprus, a Decree was published on 31st August 2015, in…
Alert 14, 2016 Alert 14, 2016 - FATCA Announcements
On 13th of July 2016, the Cyprus Tax Department has announced that as from 2016 Cyprus Reporting Financial Institutions which do not have any US…
Alert 13, 2016 Alert 13, 2016 - FATCA Announcements
On 22nd of June 2016, the Cyprus Tax Department has announced that as from 2016 Cyprus Reporting Financial Institutions which do not have any US…
Alert 12, 2016 Alert 12, 2016 - FATCA/CRS e-Service
On the 9th June, the Cyprus Tax Authorities have released an announcement to inform all Financial Institutions and their representatives that the…
Alert 11, 2016 Alert 11, 2016 - Annual License Fee 2016
Annual License Fee of €350All Cyprus registered companies (except those which have already been put under liquidation or those for which a…
Alert 10, 2016 Alert 10, 2016 - Requirement for filing Annual Return with the Registrar of Companies in Cyprus
Each and every Cypriot company must once every year to file a return with the Registrar of Companies and Official Receiver (the…
Alert 9, 2016 Alert 9, 2016 - Common Reporting Standard (CRS) – Revised Decree Change in minimum threshold of disclosure requirements
The Multilateral Competent Authority Agreement for the Automatic Exchange of Financial Information in Tax Matters, which was concluded on 29 October…
Alert 8, 2016 Alert 8, 2016 - Provisional Tax Declaration 2016
All Cyprus registered companies have an obligation to file provisional income tax declaration and make the payment of the first income tax instalment…
Alert 7, 2016 Alert 7, 2016 - Financial Leasing Law
The Law regulating Financial Leasing and the activities of Financial Leasing Companies of 2016 (the “Law”) was published in the Official…
Alert 6, 2016 Alert 6, 2016 - Revision of criteria for granting Immigration Permits to third country nationals under the fast-track procedure
We are pleased to announce the latest developments in respect of the fast-track procedure for granting an Immigration Permit to third country…
Alert 5, 2016 Alert 5, 2016 - KPMG Cyprus Real Estate Market Report Fifth Edition)
The fifth edition of the KPMG Cyprus Real Estate Market Report, provides an overview of the major economic factors affecting the industry, as well as…
Alert 4, 2016 Alert 4, 2016 - BVI News
Key Changes - BVI Business Companies Act On 31 December 2015 the BVI Business Companies Act (the “Act”) amendment was…
Alert 3, 2016 Alert 3, 2016 - OECD: List of 97 jurisdictions committed to AEOI
The Organisation for Economic Cooperation and Development (OECD) has provided a release that lists the jurisdictions that have committed to an…
Alert 2, 2016 Alert 2, 2016 - Common Reporting Standard (CRS) - The Decree in accordance with the Assessment and Collection of Taxes Law
The Multilateral Competent Authority Agreement for the Automatic Exchange of Financial Information in Tax Matters, which was concluded on 29 October…
Alert 1, 2016 Alert 1, 2016 - Cyprus: A place to relocate A publication of KPMG in Cyprus
Cyprus is a member state of the European Union since 2004 and has a strong legal and tax system, as well as more than 30 years of experience as an…
Alert 13, 2015 Alert 13, 2015 - Tax Measures for a more competitive environment
The much expected developments in taxation aim to modernize and further enhance the competitiveness of the Cyprus tax system. The second set of draft…
Alert 12, 2015 Alert 12, 2015 - Economics Alert-KPMG Property Lending Barometer 2015
There has been trepidation in the wake of the economic crisis, but now banks in Europe are becoming more confident in their strides as they show an…
Alert 11, 2015 Alert 11, 2015 - OECD: Frequently Asked Questions
The Organisation for Economic Cooperation and Development (OECD) has provided an updated list of “frequently asked questions”(FAQs)…
Alert 10, 2015 Alert 10, 2015 - CPM "Employer of Equality"
CPM announces with great pleasure that it was awarded today with the “Employer of Equality” award. This award is given to the employers…
Alert 9, 2015 Alert 9, 2015 - CPM on Social Media
In line with the 2020 Vision of our company “We strive to become a Leading Fiduciary Service Provider in Cyprus with local and international…
Alert 8, 2015 Alert 8, 2015 - Foreign Account Tax Compliance Act (FATCA) – The decree in accordance with the Assessment and Collection of Taxes Law
The decree of 2015 in accordance with the Assessment and Collection of Taxes Law (Exchange of Information within the framework of the Agreement for…
Alert 7, 2015 Alert 7, 2015 - Cyprus signs a Double Tax Treaty with Iran
The Double Tax Treaty with Iran has been signed on 4th August 2015 and will enter into force upon completion of the ratification process by both…
Alert 6, 2015 Alert 6, 2015 - FATCA – Nil Reports
The Cyprus Tax Department informs all Reporting Financial Institutions that nil report submission for FATCA purposes is not mandatory. Nil reports…
Alert 5, 2015 Alert 5, 2015 - KPMG Cyprus Real Estate Market Report (Fourth Edition)
The KPMG Cyprus Real Estate Market Report (Fourth Edition), provides an overview of the major economic factors affecting the industry, as well as a…
Alert 4, 2015 Alert 4, 2015 - Client Relationship Management
CPM is committed to providing an exceptional level of client service through our expertise and professionalism. In our effort to further enhance our…
Alert 3, 2015 Alert 3, 2015 - Tax Payments to the Cyprus Tax Department via Bank Transfers
The purpose of this Tax Alert is to provide information on how to make tax payments to the Cyprus Tax Department via bank transfers. Α.…
Alert 2, 2015 Alert 2, 2015 - Annual Special Levy of €350
All Cyprus registered companies (except those under the process of liquidation or winding up) are subject to Annual Special Levy of €350 and the…
Alert 1, 2015 Alert 1, 2015 - Provisional income tax declaration
All Cyprus registered companies have an obligation to file provisional income tax declaration and make the payment of the first income tax instalment…