Cyprus House of Representatives adoptedon 19th June 2020 the law to implement the directive (EU Anti-Tax Avoidance Directive (ATAD EU 2016/1164) that will be applied retrospectively as of 1st January 2020 with the exception of reverse hybrids which will be applicable as from 1st January 2022.

We would like to bring to your attention that the Council of Ministers approved the new amended regulations of the Cyprus Investment Programme (CIP) which shall be voted by the House of Representatives in Cyprus. One of the main changes being the provision of examining the citizenship applications in conjunction with the Money Laundering legislation…

According to the Cyprus Income Tax Laws, all companies that will have taxable income for tax year 2020 should submit to the Tax Authorities by 31 July 2020, 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…

Having successfully dealt with the Covid-19 pandemic with excellent epidemiological results and one of the lowest ratios of coronavirus cases per capita in Europe, Cyprus is ready to welcome travellers to the island.

On 2 June 2020, an amending Income Tax Law was published in the Official Gazette with respect to tax relief on rental income. The amendment was voted to support the Cyprus economy following the COVID-19 outbreak and provides a tax incentive to landlords (individuals or companies) so as to voluntarily reduce the rent charged to…

Extended deadline for the submission of 2019 personal income tax returns (IR 1) and for the payment of tax We would like to inform you that in accordance with a Decree issued on 5 June 2020, the following deadlines are extended to 30 October 2020: Electronic submission of the 2019 personal income tax return by…

Areti Charidemou & Associates LLC wishes to inform its Clients that on 16/03/2020 the Members and the President of the Supreme Court of Cyprus, in the presence of the Minister of Justice and Public Order, the Attorney General and the President of the Cyprus Bar Association, unanimously, decided the following measures, amongst others, in order…

1   Changes to Law for IBCs holding IP Assets We would like to update you regarding Belize International Business Companies (“IBCs”), and their legal obligations regarding the holding of international property assets (“IP assets”): IBCs shall not acquire, hold, own, or deal in any IP assets, pursuant to Section 5(4) of the International Business Companies…

All Cyprus companies have an obligation to file to the Registrar of Companies an Annual Return (HE32), which must be accompanied by the audited financial statements of the previous year. The Annual Returns (HE32) are always accompanied by the audited financial statements of the previous year (e.g. the Annual Return (HE32) for the year 2019…