Cyprus Tax Alert❗ The deadline for the electronic submission of the income tax return for the tax year 2021, for companies and self-employed persons whose turnover exceeds the amount of €70,000 and have the obligation to prepare audited accounts, is on 31st March 2023. Our team is at your disposal to assist with the submission...Read More

The tax Department has recently announced the commencement of the implementation of Tax For All (TFA) online platform. TFA will be developed in three stages. The first stage relates to Value Added Tax (VAT) and is expected to be released by end of March 2023. The second and third stages, which will handle direct and...Read More

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

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

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

Deadline extension for the Submission of 2020 tax returns Please be informed that an amendment to the Assessment and Collection of Taxes Law has been voted and published in the Official Gazette of the Republic on 20 April 2021. In accordance with this amendment, the following deadlines have been extended to 30 September 2021: Electronic...Read More