In accordance with VAT Law 147(I)/2020 (published on the 2nd of November 2020), the relevant provisions of the Vat Law have been amended in order to extend the deadline for the VAT that was due on the 10th of November 2020 for the periods ended 29/02/2020, 31/03/2020 and 30/04/2020 excluding certain categories of taxable persons.
Transfer pricing are the prices at which associated entities, such as subsidiaries and group companies, transfer goods, services and other intangible and tangible assets between each other.
According to a Decree published in the Official Gazette on the 20th of October 2020, the deadlines for the submission of personal income tax returns for the year 2019 and payment of tax, are extended to the 30th of November 2020.
The government of Cyprus announced yesterday the Council of Ministers’ decision to abolish the Cyprus Investment Programme (CIP) in its current form. The programme will be abolished from November 1st.
The Council of Ministers has approved the creation of a Fast Track Business Activation Mechanism for setting up a company in Cyprus by third-country nationals to attract more foreign investment to the island.
Certain provisions of the Assessment & Collection of Taxes Law 4/78 were amended by Law 126(1) of 2020 and were published in the Official Gazette on 20.08.2020.
Cyprus and Russia have just agreed on an amendment of the double taxation agreement between the two countries. The Russian government assured the withdrawal of the termination procedures of the Convention.
The double tax treaty (DTT) between Cyprus and Ethiopia signed in December 2015 entered into force on 18 October 2017 as per recent update of the Cyprus Ministry of Finance.
On 29.06.2016 the negotiation on the Double Taxation Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income between Cyprus and India has been effectively completed.
A DTT between Cyprus and Luxembourg was signed on 8.5.2017. The DTT will come into effect from 01.01 of the year following the year in which all legal formalities to bring the treaty into force are finalised.
