Tax Alert- Revised Income Tax Return for Employee and Self Employed 2017


The Cyprus Tax Department has announced that their TAXISnet system at 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 instalment 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.

Talent scarcity: A top threat to business growth in the CEE region

When you ask business leaders across the globe what’s high on their agenda, chances are recruiting and retaining top talent is on the list. For countries within Central and Eastern Europe (CEE), finding the right talent is an even greater worry. Economic growth in this region is outperforming the EU average and businesses are growing fast. At HLB’s recent CEE regional meeting in Budapest, talent scarcity was identified as a top threat to business growth. 

HLB hosts annual audit & tax conference in Frankfurt, Germany

HLB, the global advisory and accounting network with presence in 150 countries, hosts annual audit & tax conference in Frankfurt - Germany, bringing together 215 professionals from 37 countries.

Extended deadline for 2017 personal tax returns

The amended articles provide that the deadline for the submission of the personal income tax returns (T.D1s) for employees as well as for self-employees (who do note prepare audited financial statements) and the final tax payment for 2017 has been extended until 31 October 2018.

Double tax treaty between Cyprus - Andorra

May 18th 2018: A Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income was signed between the Republic of Cyprus and the Principality of Andorra.

Publication on substance

“Substance” is a well-known tax concept used in cross-border tax structuring. The term “substance” does not appear in the actual text of double tax treaties (DTTs).