The Cyprus Parliament voted on 5 April 2019 the first implementation law in Cyprus of the EU AntiTax Avoidance Directive (ATAD) and specifically on the following areas: Controlled Foreign Company (CFC) rule – effective date 01 January 2019 (Net) Interest limitation rule – effective date 01 January 2019 General Anti-Abuse rule (GAAR) – effective date…

Employees The deadline for settlement of income tax due via self-assessment (as per the T.D.1 form) and the deadline of electronic submission of T.D.1 form is: 31 July 2019. ‘Self-employed’ whose annual turnover does not exceed €70.000 For ‘self-employed’ individuals whose annual turnover does not exceed €70.000 and who do not have an obligation to…

The Cyprus Ministry of Finance has announced that Cyprus and Kazakhstan signed a first-time Double Tax Treaty (DTT) on 24 May 2019.  The agreement is based on the OECD (Organisation for Economic Co-operation and Development) Model Convention for the Avoidance of Double Taxation and the Prevention of Tax Evasion. Main Provisions Withholding tax rate on…

We are proud to announce the signing of a cooperation agreement between the Cyprus University of Technology and Areti Charidemou & Associates  LLC and Oktonex. The objective of this agreement is to promote relations among all parties but also to establish a successful cooperation in fields of common interest through the execution of activities and…

In accordance with the decision of the Council of Ministers dated 13.2.2019 investors, who will submit an application on the basis of the Cyprus Investment Programme (Programme) from the 15th of May 2019 and onwards, are obliged to meet the criterion A.1 (Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation)….

According to the National Health Insurance System Law of 2010 (as amended in 2017), employer and employee contributions for the implementation of the system commence in 2019. Specifically, as of 1/3/2019, Public and private employees, pensioners, state officials and rentiers will contribute 1.7% of their monthly income, while self-employed persons will have to pay 2.55%….

VAT Treatment Exit of the United Kingdom from the European Union REQUIREMENTS FOR SUBMISSION OF INTRASTAT/VIES DECLARATIONS The United Kingdom submitted on 29 March 2017 the notification of its intention to withdraw from the Union pursuant to Article 50 of the Treaty on European Union. In the absence of a Withdrawal Agreement, the UK will…

The deadline for the settlement of the second instalment of the 2018 temporary tax is the 31st of December 2018. The deadline refers to the second and final instalment of the temporary tax for the current year, which all Cyprus tax resident companies and individuals having income subject to income tax other than salary income…

According the Cyprus Income Tax Laws, all companies that will have taxable income for tax year 2018 should submit to the Tax Authorities by 31 July 2018, a temporary tax return form (T.D6), based on their estimated taxable profits for the current year and pay the temporary tax in two equal instalments before or on…