Foreign Account Tax Compliance Act (FATCA) – Revised Decree in accordance with the Assessment and Collection of Taxes Law
Contact Us
Costas Christoforou
Dir: +357 22 474000
Email: costas.christoforou@cpm.com.cy
Rodoula Demetriades
Dir: +357 22 474814
Email: rodoula.demetriades@cpm.com.cy
Cyproman Services Ltd
12 Esperidon Street
4th Floor, 1087 Nicosia
Cyprus

Phone: +357 22 474000
Fax: +357 22 474808
Email: info@cpm.com.cy

In order to transpose the Act’s requirements into the domestic legislation of Cyprus, a Decree was published on 31st 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 21st 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.