CPM

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Extension To The Deadline For The Payment Of 2021 Annual Levy

Following the announcement of the Cyprus Registrar of Companies dated 8 July 2021(https://www.companies.gov.cy/gr/βάση-πληροφοριών/νέα/ετήσιο-τέλος-εταιρειών-2021), the deadline for payment of the 2021 annual company levy has been extended from 30 June 2021 to 31 December 2021; such an extension applies retrospectively from 30 June 2021. If the annual company levy is paid after the 31 December 2021, then the annual levy is subject to late charges, thus making the total amount to be paid four hundred and ninety euros (€490). Non-payment of the annual company levy may result the deregistration of a company from the Register of the Cyprus Registrar of Companies. Annual levy and penalties Every company, registered with the Registrar of Companies, must pay an annual levy of three hundred and fifty euros (€350) by 30th of June of each year of its operation. If a company fails to timely pay the annual levy it is subject to a late charge as follows: for payment within two (2) months from the 30thof June (i.e. up until 31st August), the charge imposed equals to an additional ten percent (10%) on the original fee, thus making the total amount to be paid three hundred and eighty-five euros (€385); for payment within five (5) months from the 30thJune (i.e. up until 30th November), the charge imposed equals to an additional 30% on the original fee, thus making the total amount to be paid four hundred and ninety euros (€490).

UBO Register Of Trusts And Of Similar Legal Arrangements

Cyprus implements Beneficial Ownership Register for trusts and similar legal arrangements Further to the introduction of the register of Beneficial Owners (BOs) for companies, on the 18 June 2021 Cyprus has introduced a similar register for BOs of Trusts and other similar legal arrangements (the “Trust Register”) to be kept electronically by the Cyprus Securities and Exchanges Commission (CySEC) which is the supervisory authority for the implementation and operation of the Trust Register. The Trust Register was implemented through CySEC’s Directive for the prevention and suppression of money laundering and terrorist financing (register of beneficial owners of express trusts and similar legal arrangements) (the “Directive”) which provides information and guidance in relation to the registration of express trusts and similar legal arrangements in the Trust Register. The Directive applies for express trusts which are defined as trusts created expressly by a settlor at his own will. Trusts arising by operation of law as well as trusts for which the settlor shows no clear intention for their creation are not considered to be express trusts. Registration of an express trust should take place in cases where: the trustee is located or residing in the Republic of Cyprus; or the trustee, which is located or residing outside EU, establishes a business relationship or acquires immovable property in Cyprus on behalf of the express trust. Information to be submitted The following information must be submitted for registration: For the trusts and other similar legal arrangements Name of the trust Country and date of establishment Applicable law Termination date (if applicable) Country in which the trustee is established or resides and details of his address In case the trustee resides outside the EU and establishes a business relationship on behalf of the trust in Cyprus, the date of commencement of the business relationship, the name of the person with whom such relationship is established together with the document which governs such a relationship In case the trustee resides outside the EU and acquires immovable property on behalf of the “Stated” (expressed) trust in Cyprus, the registration number and address of the immovable property together with the title deed of the property Any other information and/or supporting documentation requested by CySEC for identification purposes BO/s (trustee, settlor, protector, beneficiaries) Name, surname and father’s name Date and place of birth Nationality/ies Residential Address Type, number and country of issuance of identification document Date of death (where applicable) Date on which the person became beneficial owner The nature and extent of the rights which are directly or indirectly held by the UBO The role of the UBO in the trust or in a similar legal arrangement Any other information and/or supporting documentation requested by CySEC for identification purposes In case the Trust has one or more classes of beneficiaries, the following information should also be provided: Description of the class of beneficiaries and its members the nature and extent of the rights of each class of beneficiaries Deadlines and Charges A six-month period has been granted for existing trusts to be registered. For new trusts falling under either of the two cases, as well as for any changes in the information submitted to the Trust Register for trusts already registered, there is a time limit of 15 days from the date of appointment of the trustee or the date on which such changes were effected. CySEC has set a scale of charges for registration and renewal of registration of trusts as well as for retrieving information. Eligible persons/authorities for having access in the UBO trust register Eligible for having access without any charge to the information entered in the Trust Register will be the trustees and or any other equivalent person who has entered such information thereinto, as well as other competent authorities like the Unit for Combating Money Laundering and Terrorist Financing, the police, the Customs’ Department, and the Tax Department. Furthermore, any person or organization who may demonstrate a legitimate interest and who provides sufficient evidence in this respect , may have access to such information under a fee if the relevant application submitted to CySEC is approved. The procedure is set as follows: CySEC acknowledges with the trustees and or the equivalent person of the receipt of an application from a certain person/authority and the fact that they have initially established that indeed such a person or authority has a legitimate interest. If the trustees do not file written representations within 10 days as of the date it has received CySEC’s acknowledgment, then such a person and or authority will be given access to the information kept in the Trust Register.

Membership

Cyproman Services Limited has become a member of a Network of Independent Licensed firms around the world, distinguished in their areas of practice in their country, offering a wide range of services, under the name “Delphi Alliance”. The objective of the Alliance is the linking of professionals from eleven different lines of services around the world and creating synergies and opportunities for the member firms. Although the members of the Alliance will be independent firms using their own brand name, operating under their own business and operational plans, they will be governed by the ethics, Bylaws and rulebook as set by the Alliance. For more information regarding the Alliance please visit https://www.delphialliance.com.

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 fines for DAC6 submissions i.e. in respect to the information on reportable cross-border arrangements under the European Union Directive on the mandatory disclosure and exchange of information.

Alert 2, 2021 UBO Register Of Trusts And Of Similar Legal Arrangements

Cyprus implements Beneficial Ownership Register for trusts and similar legal arrangements Further to the introduction of the register of Beneficial Owners (BOs) for companies, on the 18 June 2021 Cyprus has introduced a similar register for BOs of Trusts and other similar legal arrangements (the “Trust Register”) to be kept electronically by the Cyprus Securities and Exchanges Commission (CySEC) which is the supervisory authority for the implementation and operation of the Trust Register. The Trust Register was implemented through CySEC’s Directive for the prevention and suppression of money laundering and terrorist financing (register of beneficial owners of express trusts and similar legal arrangements) (the “Directive”) which provides information and guidance in relation to the registration of express trusts and similar legal arrangements in the Trust Register. The Directive applies for express trusts which are defined as trusts created expressly by a settlor at his own will. Trusts arising by operation of law as well as trusts for which the settlor shows no clear intention for their creation are not considered to be express trusts. Registration of an express trust should take place in cases where: The trustee is located or residing in the Republic of Cyprus; The trustee, which is located or residing outside EU, establishes a business relationship or acquires immovable property in Cyprus on behalf of the express trust. Information to be submitted The following information must be submitted for registration: For the trusts and other similar legal arrangements Name, surname and father’s name Date and place of birth Nationality/ies Residential Address Type, number and country of issuance of identification document

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 annual fee up to 30th June 2017 and there are no exemptions to this fee.The annual fee of €350 for 2017 is also payable by companies incorporated from 01/07/2016 – 30/06/2017.The maximum of €20.000 in the case of a Group of Companies continues to apply.The Registrar of Companies will not receive documents for Voluntary Winding Up unless they are accompanied by proof of payment of the annual fee in the amount of €350 for all the pending years.Where a company is already in Voluntary Liquidation or Liquidation by the Court then there is no obligation for the payment of €350.The fee is payable on the website of the Registrar of Companies and on the JCC website. All content prepared by KPMG Cyprus.

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 by 31 July 2015, the latest, if they are in a taxable position. What you should know for your provisional income tax declaration: Introduction Income tax is assessed on a current year basis. For the calendar year 2015 a company is obliged to estimate its corporate tax for the year and file the provisional tax declaration by 31 July 2015. The estimated corporate tax payable is due for payment in two equal instalments: by 31 July 2015 and by 31 December 2015. Revision of provisional income tax declaration Following the submission of the provisional tax declaration, a Company may submit a revised declaration at any time until 31 December 2015. However, a revised provisional tax declaration may NOT result in a refund of the provisional tax already paid, until the final tax computations are filed and agreed upon with the Cyprus tax authorities. Estimated taxable profits can be revised either upwards or downwards any time before 31st December, the date of the last provisional payment is due. A revision of the taxable profit upwards however will bear interest of 4,5% on completed months per year on the difference between the revised amount of the taxable profits and the amount paid on first instalment. A revision of the taxable profit downwards however cannot exceed the amount of provisional tax paid on the first instalment. Interest and penalties Interest on overdue tax is payable at 4.0% (4,5% prior to January 1, 2015, 4,75% prior to January 1, 2014, 5% prior to January 1, 2013, 5,35% prior to January 1, 2011, 8% prior to January 1, 2010 and 9% prior to January 1, 2007) per annum for every completed month, plus A 5% monetary charge is imposed on tax due in case of (a) late submission of the annual tax returns, or (b) failure to settle the tax due, within a period of 30 days from the prescribed filling date A 10% penalty is imposed on the final net tax payable if the provisional taxable income is less than 75% of the final income as determined by the audited financial statements Following the new tax amendments published in the gazette on 31/12/2010, further penalties may apply in relation to non-compliance (€100 - €200 and an additional penalty of 5% on the tax due) Information required Please provide your tax advisor with an estimate of your taxable income for the year 2015. Your tax advisor with the assistance of your accountant will then prepare the provisional tax declaration and let you know of the amount due for the first instalment.