Tax News

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.

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.