On 14 July 2022, the House of Representatives approved a bill for the amendment of Tax Law, proposed as part of a Government strategy to attract foreign employees and specialised Cypriots with a high standard of living, permanently residing abroad for a number of years. The Law Amendment was published in the Cyprus Government Gazette...Read More

Following the Government’s announced Strategy for Attracting Business to Cyprus, the Council of Ministers approved a bill today, which makes the tax framework more attractive to foreign employees and specialised Cypriots with a high standard of living, permanently residing abroad for a number of years. The employees and companies to be established in Cyprus due...Read More

The Tax Department of the Republic of Cyprus has issued a Circular according to which, the Circular 1987/21 governing the tax treatment of Real Estate Developers and Contractors, is being abolished on January 1st, 2022. The tax treatment of Real Estate Development and Construction Companies from tax year 2022 onwards, will be subject to the...Read More

Cyprus – New incentives for relocation & work permits The Cyprus government has announced new incentives to attract companies in the country, placing an emphasis on high-tech, research and innovation companies. The implementation of the strategy is expected to start from January 2022. In summary, the new measures include the following: Establishment of a Business...Read More

The CySEC’s policy statement set out detailed requirements for crypto firms seeking registration in the regulator’s CASP register. This register is publicly accessible and include information such as the crypto firm’s name, the legal form, its address and services. The new policy also introduces a definition for crypto assets that slightly extends beyond its traditional...Read More

The Ministry of Labour, Welfare and Social Insurance has recently announced amendments in relation to the Social Insurance Regulations, that went into force on 13 September 2021. The main amendments are the following: The application for registration of an employer should be submitted no later than one (1) day before the date that the applicant...Read More

Legislation Regulating the Settlement of Overdue Tax Debts Details on the Amending Law Regulating the Settlement of Overdue Tax Debts have been provided, in a Decree published in the Official Gazette published dated 23 July 2021. Online application The application for inclusion in the Scheme should be submitted through online application on Ariadni Government Portal,...Read More

Exemption from the obligation to submit an income tax return On the 9th of July 2021, the official Gazette of the Republic of Cyprus has published the decision of the Council of Ministers of Cyprus, whereby a decree (No.288/2021) was issued exempting natural persons, whose total gross annual income is below €19.500, from the obligation to submit...Read More

CySec – Update on Cryptocurrencies The Cyprus Securities and Exchange Commission (The ‘CySEC’) has recently issued a Directive (R.A.D. 269/2021) in order to provide guidance for the registration and operating conditions of providers of services related to crypto assets pursuant to the 5th Anti-Money Laundering Directive. Additionally, it has also decided that Cyprus CASPs should...Read More

Tax Update – Ukraine Legislative Changes During 2020, several laws of Ukraine have been amended in order to align the tax legislation with OECD’s Anti-BEPS initiative. Amongst the changes introduced, the Parliament of Ukraine amended the Tax Code of Ukraine Purposed to Improve the Administration of Taxes, Eliminate Technical and Logical Inconsistencies in the Tax...Read More