On 14 July 2017, the House of Representatives unanimously voted and approved an amendment to the definition of the “Cyprus Tax Resident Individual” term in the Income tax law. In detail, an individual who does not remain in any other jurisdiction for one or more periods which altogether exceed 183 days in the same tax year and is not a…

Introduction On 30/06/2017, following their initial announcement the Cyprus Tax Authorities published the new rules in relation to the tax treatment of IGFA based on the arm’s length principle to follow the guidelines of the Organisation for Economic Co-operation and Development. These rules will be effective from 01/07/2017 and apply to existing and future IGFA. Old Legislation Until 30/06/2017 the…

The Reanda International network is pleased to bring to you the latest issue of PRISM – the quarterly tax newsletter, which is part of Reanda’s effort to stay in touch with our clients by sharing updates and insights on the recent taxation changes and current hot topics. Please click here to download a digital copy of the 2nd quarter 2017…

The law Regulating the Settlement of Overdue Taxes passed on 3 July 2017 provides for the procedure for settling Οverdue Τax payments. The law also provides information on the procedure and the years in which settlement and discounts are applied. The scope of the law includes the following laws: • Income Tax Law• Special Contribution for the Defense Law• Immovable…

Introduction The Cyprus Parliament approved the amendment to the legislation in respect to the tax incentives relating IP regime, which is in line with the latest international developments on the subject and the recommendations of the Organisation for Economic Co-operation and Development (OECD) taking into account transparency and substance. Current Legislation Under the previous regime, 80% of the net profit…

Introduction Cyprus’ House of Representatives approved the introduction of revised tax incentives for investment in innovative businesses. The new incentives granted for investment in innovative SMEs are effective from 1 January 2017 for a three-year period and replace the previous incentives that were available to investors until 31 December 2016. Tax incentive According to the new provisions of Article 9A…