A new amendment to the Income Tax Law, on, 21 December 2021, was published in the Cyprus Government Gazette (“Law amendment”) whereby an additional corporate tax residency test is introduced based on incorporation. The additional test aims to capture Cyprus incorporated / registered companies that are not tax resident in any other jurisdiction commonly referred…
Budget 27 October 2021 Some things you might have missed With immediate effect Both UK residents and non-UK residents will have 60 days in which to file a CGT return on the disposal of residential property, rather than the previous 30 days. With effect from 1st April 2022 A new levy (another word for tax…
G20 finance ministers on Saturday gave their backing to a “historic” global deal to tax multinational companies more fairly and urged hold-out countries to sign up. A framework for international tax reform, including a minimum corporate rate of 15%, was agreed this month by 131 countries. But the endorsement by the 19 biggest economies plus the European Union will help ensure it becomes a reality following years…
UK and Cyprus have a very strong relationship that is getting deeper and wider. British High Commissioner to Cyprus, Stephen Lillie said on Thursday that the UK and Cyprus have a very strong relationship that is getting deeper and wider, noting that defence engagement was an important part of this growing relationship. Lillie on Thursday…
The requirement for the establishment of the Ultimate Beneficial Owner (UBO) Register. The requirement for the establishment of the Ultimate Beneficial Owner (UBO) Register, originally emanated from the 4th Anti-Money Laundering Directive (EU) 2015/894), which was transposed into national legislation on the 3rd day of April 2018 through the Prevention and Suppression of Money Laundering and Terrorist…
The deadline for payment of the Temporary Tax for the year 2021, is 31 July 2021 All companies which are Cypriot tax residents, and which expect to have taxable income for the tax year 2021, must estimate this income and pay the temporary tax in two equal instalments before, or on, the following dates: 31…
DUBAI, June 17 (Reuters) – The United Arab Emirates central bank raised its key overnight interest rate by 5 basis points on Thursday, in step with a similar move by the U.S. Federal Reserve a day earlier. The UAE’s base rate for overnight deposits is anchored to the Fed’s Interest on Excess Reserves (IOER), which…
Exsus is growing. Like any company that has existed for a while, there comes a point where it is important to regroup and reconsider the values and qualities that the company is expressing. If something is not supporting our ideals, it is time to find a new way to present ourselves. This is an opportunity…
The Use of Cyprus Alternative Investment Funds in Family Office Structures The Alternative Investment Fund (“AIF”) sector in Cyprus has continued its recent growth with the latest figures (for the quarter ended 31 December 2020), released by the Cyprus Securities & Exchange Commission, showing total assets under management reaching EUR 8.58 billion (recording a 3.8%…
Important Facts about Setting-up a Business in the UAE The United Arab Emirates (UAE) is a federation of the 7 emirates of Dubai, Abu Dhabi, Sharjah, Ras al-Khaimah, Ajman, Fujairah, and Umm al-Quwain. In the Gulf Cooperation Council (GCC), the economy of the UAE is the most diversified. UAE is one of the…
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