Ukraine Ratifies Protocol to Amend Tax Treaty with Cyprus

On 30 October 2019, the Ukrainian Parliament ratified the Protocol amending the existing Tax Treaty ("DTT"). between Cyprus and Ukraine ("Cyprus - Ukraine Protocol").

Adam Smith's four axioms for efficient tax systems

200 years ago (in 1776) the great Scottish economist Adam Smith's The Wealth of Nations was published and for many, it has been the cornerstone in the development of Economics. Apart of the famous concept of the “invisible hand” and the division of labour advantages, the main focus of the text is on the economic history of nations. Including a very significant exposition on taxes in the chapter headed, “Of the sources of the general or public revenue of the society” (Book V, Ch 2). 

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

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 to 31 Jan 2019

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.