Category: News

Dear clients, We would like to inform you that the Cyprus Tax Department has issued a further reminder that tax returns (Personal Income Tax(IR1))  for the year 2017 must be submitted electronically, by means of its TAXISnet web portal. Meanwhile you are urged to register with the TAXISnet system. The deadline for submission of your…

Payments of pay as you earn tax (PAYE) Dear Clients, Payments of PAYE (“Pay as you earn” tax deduction on employees’ salaries) in the district offices of the Inland Revenue Department (Cyprus Tax Authority) will only be acceptable until the 28th of February 2018. As from the 1 March 2018, the Cyprus Tax Authority will…

Date Description End of each month (Jan- Dec) Payment of PAYE relating to employees’ salaries for the previous month Payment of Special Defence Contribution withheld on dividends or interest or rent paid of Cyprus tax residents in the previous month Payment of tax withheld on payments to non-Cyprus tax residents of the previous month Payment…

On 3 January 2018, the governments of Cyprus and Saudi Arabia signed an agreement for the Avoidance of Double Taxation (DTA). The DTA was signed during the official visit of the President of the Republic of Cyprus to Saudi Arabia and is based on the OECD Model Tax Convention. Main Provisions Withholding tax rate on interest…

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. Based on the provisions of the DTT, in the case of Cyprus the DTT will take effect as from 1 January 2018 and in the…

The House of Representatives of Cyprus, for the purposes of harmonizing the legislation with the EU Value Added Tax (“VAT”) Directive, voted on 30/11/2017 a new VAT Law which amends the main VAT Law N.95(I)/2000. A. VAT on the sale of building land (apply as from 02/01/2018) The supply of undeveloped building land, in the…