TAX INFORMATION 3/2016
Immovable Property Tax
On 14 July 2016, the House of Representatives voted changes to the Immovable Property Tax Law. According to the changes the immovable property tax for year 2016 is reduced to 25% of the total tax arising using the current rates and abolish the immovable property tax as from 1 January 2017.
The immovable property tax calculation will be based on the same scales as last year, on owned property or leased property in Cyprus on 1 January 2016 based on the market value of immovable property as at 1 January 1980.
Δημιουργία και Εκσυγχρονισμός Μονάδων Μεταποίησης, Εμπορίας και/ή Ανάπτυξης Γεωργικών Προϊόντων.
Πολύ μικρές, μικρές, μεσαίες και μεγάλες επιχειρήσεις που θα επενδύσουν στους επιλέξιμους κλάδους και ευρίσκονται εγκατεστημένες στα εδάφη της Κυπριακής Δημοκρατίας.
The BVI Business Companies (Amendment) Act 2015 was recently legislated with effective date as from 15 January 2016. Below are the most important amendments:
- Register of Directors
The new tax measures voted by the House of Representatives on10 December 2015 αre analysed here below.
A. Income Tax Law
1. Exchange differences
According to the amended Income Tax Law, any realized or unrealized foreign exchange difference, losses or gains will be tax neutral. In other words, FX gains will not be taxable and FX losses will not be tax deductible.
Automatic Exchange of Financial Account Information
The purpose of this newsletter is to inform you about the OECD / EU Directives regarding Automatic Exchange of Financial Account Information between countries.
The first exchange of information is expected to be made as from 2017 (in respect of year 2016) on an annual basis between participating countries in relation to all accounts that are considered reportable.
TAX INFORMATION 3/2015
Immovable Property Tax in Cyprus
Every company, organization and individual which owned property or leased property in Cyprus on 1 January 2015 is subject to immovable property tax for the year 2015. The tax is calculated based on the market value of immovable property as at 1 January 1980.
Immovable property value
CYPRUS CITIZENSHIP BY INVESTORS PROGRAM 2016
TAX NEWS Q2/2015
The New Tax measures voted by the House of Representatives on 9 July 2015 are analysed here below.
New Tax measures voted by the House of Representatives on 9 July 2015 are analysed here below.
Tax Alert 08/2015
On August 2015 Cyprus signed a Tax Treaty with Iran for the avoidance of double taxation . Based on the OECD Model the Tax Treaty for the convention avoidance of Double Taxation on Income, Capital and its mail provisions.
Cyprus Signed tax treaty with Iran for avoidance of Double Taxation