Amendment of article 14 of the Income Tax Law: the limit of certain allowable deductions for individuals is increased from 1/6 to 1/5 of net income
Transparency Report
The Double Tax Treaty (DTT) of 2018 (which came in to effect on 18 July 2018, and replaced the DTT of 1974) was amended with a protocol signed on 19 December 2018. This Protocol provides for a “grandfathering” period relating to the taxation of pensions.
Precisely, persons previously taxed based on Article 19(1) of the previous Treaty will have the right of election to continue being taxed in line with the relevant provisions of the previous treaty. This will be valid for years ending on or before 31 December 2024.
Signed Double Tax Treaty between UK and Cyprus – Amended Protocol Signed on 19 December 2018
The Double Tax Treaty (DTT) of 2018 (which came in to effect on 18 July 2018, and replaced the DTT of 1974) was amended with a protocol signed on 19 December 2018. This Protocol provides for a “grandfathering” period relating to the taxation of pensions.
Precisely, persons previously taxed based on Article 19(1) of the previous Treaty will have the right of election to continue being taxed in line with the relevant provisions of the previous treaty. This will be valid for years ending on or before 31 December 2024.
Extension to the deadline for CbC Reports submission
Please be informed that on 18 December 2018 the Cyprus Tax Department announced that the submission deadline for Country-by-Country (“CbC”) Reports for the 2017 Reporting Fiscal Year has been extended from 31 December 2018 to 31 January 2019.
Tax Alert- Revised Income Tax Return for Employee and Self Employed 2017
The Cyprus Tax Department has announced that their TAXISnet system at https://taxisnet.mof.gov.cy has now been enabled to allow you to make (if needed), changes/corrections to your income Tax Returns that have already been submitted for the tax year 2017.
By activating this new feature “CHANGE TO TEMPORARY” you may change/correct your Tax Return and submit it again until November 30th 2018 without a €100,00 fine.
Tax Alert- Revised Income Tax Return for Employee and Self Employed 2017
The Cyprus Tax Department has announced that their TAXISnet system at https://taxisnet.mof.gov.cy has now been enabled to allow you to make (if needed), changes/corrections to your income Tax Returns that have already been submitted for the tax year 2017.
By activating this new feature “CHANGE TO TEMPORARY” you may change/correct your Tax Return and submit it again until November 30th 2018 without a €100,00 fine.
The 2nd instalment of temporary tax for the fiscal year 2018 is now due for settlement
This is a kind reminder regarding the second and final installment of the temporary tax return for the year ended 31 December 2018.
Treaty between Russia and Cyprus-Russian MoF clarifies dual tax residence status of individuals
On 19 September 2018, the Cypriot Tax Department issued an announcement clarifying that Constituent entities with a Cypriot Ultimate Parent Entity (UPE) will not be subject to local filing in their jurisdiction of tax residency, given the relevant CbC Multilateral Competent Authority Agreement (MCAA) is activated between Cyprus and the other jurisdiction.
Treaty between Russia and Cyprus – Russian MoF clarifies dual tax residence status of individuals
The Russian Ministry of Finance provides guidance on the dual tax residency status of individual tax payers.
2018 HLB Asia Pacific conference in Colombo, Sri Lanka
HLB’s recent 2018 Asia Pacific conference in Colombo, Sri Lanka was attended by 60 delegates from 20 HLB network countries. The conference was hosted by HLB’s local member firm Nihal Hettiarachchi & Company.
