DAC 6 is a Mandatory automatic exchange of information in the field of Taxation in relation to reportable cross-border arrangements. Exsus Ltd can review a cross-border transaction and advise whether such a transaction is reportable. Exsus Ltd, if necessary, can construct the DAC6 report, validate the report as prescribed by the relevant provisions of DAC6,…
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…
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…
Significant and wide-ranging changes are being introduced in relation to the taxation of UK property, some of which already apply for transactions taking place from 6 April 2019, others taking effect from 6 April 2020. Real estate held by non-UK residents From 6 April 2019, disposals of UK commercial property by non-residents have been brought…
Basic Tax Saving tips for UK taxpayers under 18 We have seen a number of people, and no doubt you will have heard of, celebrities, footballers and others who have entered into complex arrangements which failed to save tax and now face bankruptcy. We find this very frustrating, especially when they have not used all…
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%…
The consolidation of the current Cyprus legislative framework in respect of investment funds has contributed in Cyprus being considered as a European and International Investment Funds Hub accommodating sophisticated fund structures as well as fund managers. Being one of the first EU member states to transpose the Alternative Investment Fund Managers Directive into national legislation…
Cyprus Tax News Netherlands tax treaty signed and published on 1 June 2021, Cyprus signed a tax treaty for the avoidance of double taxation (the “treaty”) with the Netherlands, which was published in the Official Gazette on 4 June 2021, the date of ratification by Cyprus. The treaty will enter into force after the necessary…
For mobile international executives, tax can be a major consideration and for human resource professionals, the need to provide answers to questions relating to tax can be pressing.KPMG member firms have produced a series of summaries titled Taxation of International Executives. These summaries cover relevant income tax and social security rates, together with the key…
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