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Following recent amendments to the Cyprus Companies Law, Cap. 113 (“the Law”), the Registrar of Companies will impose administrative penalties on certain filings submitted after the prescribed timeframes as provided by the Law. The imposition of the administrative penalties will be effective from 18 December 2019. In relation to annual returns the administrative penalty to be applied for...
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Input VAT is not recoverable in the cases noted below Entertainment expenses except where these are solely for employees;Purchase of saloon car unless used for qualifying purposes (i.e. resale, passenger transport for reward (taxi, bus), rental, or for driver instruction); However, input VAT on running and maintenance expenses of saloon cars is allowable, to the...
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The House of Representatives of the Republic passed the so called Land Bill on 13 November 2017. According to the provisions of the Land Bill, whilst the imposition of VAT on the rentals of immovable property, is effective as of 13 November 2017, the imposition of VAT on u.b.l, is effective as of 2 January...
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Reduction of SDC rate applicable on interest income received by Cyprus tax resident domiciled individuals from corporate bonds. On 26 June 2019 an amendment to the Special Defence Contribution (SDC) Law was published in the Official Government Gazette. According to the amendment, effective from 26 June 2019, the SDC rate applicable on interest income received...
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New IP regime The provisions of the new IP regime are effective from 1 July 2016. According to the new regime, qualifying intangible asset means an asset which was acquired, developed or exploited by a person in the course of carrying on a business and which constitutes intellectual property, other than marketing related intellectual property...
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Losses carried forward for Companies: Companies may carry forward tax losses incurred during a tax year over the next five years to be offset against taxable income. Group relief:Current year tax losses may be surrendered by one Cyprus tax resident group company to another. A group company which is tax resident in another EU country...
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Corporate entities (including permanent establishments of foreign companies in Cyprus) will be entitled to a Notional Interest Deduction (NID) on new equity which has been introduced to a business on or after 1 January 2015. The NID aims to reduce corporate debt and encourage new equity. New equity may be contributed in cash or in...
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Όλες οι εταιρείες φορολογικοί κάτοικοι Κύπρου, φορολογούνται σύμφωνα με την ισχύουσα Φορολογική Νομοθεσία και Κανονισμούς της Κύπρου. Σύμφωνα με τη νομοθεσία και τους κανονισμούς αυτούς, όλες οι εταιρείες που έχουν φορολογικό εισόδημα για το έτος 2019 πρέπει να υποβάλουν στις Φορολογικές Αρχές μέχρι την 31 Ιουλίου 2019, την προσωρινή φορολογική τους δήλωση (Τ.Φ 6), η...
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McMillan Woods Cyprus can help you obtain: A Cyprus Investment Firm License from the Cyprus Securities and Exchange Commission (CySEC)An EU (European Union) Investment Firm License from any other EU AuthorityAn E-Money (Electronic Money) or Payment Institution License from the Central Bank of Cyprus or any other EU AuthorityA Fund Manager License (AIFM or UCITS Management Company) as well as a license...
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The VIES (VAT Information Exchange System) is the VAT information exchange system with other MS within the framework of administrative cooperation between MS. The information exchanged includes details of registration in the VAT Register and information collected by persons registered in the VAT Register which deliver intra-Community supplies. Obligations of traders under VIES:The provisions of...
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