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Announcements
Deadline extension for the Submission of 2020 tax returns
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...
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Why is Cyprus an attractive destination for International Headquarters?
Why is Cyprus an attractive destination for International Headquarters? Over the last few years, many international groups are looking to re-locate their headquarters and Cyprus, a well-established business hub, has been increasingly popular as a country of choice. This is due to the several benefits associated with setting up offices in Cyprus. Geographically, Cyprus has...
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Ultimate Beneficial Owner Register- Update
Ultimate Beneficial Owner Register Following our update on 8 January 2021 regarding the introduction of the Ultimate Beneficial Owner register in Cyprus, you are informed that the data collection commencement date has been moved from 18 January to 22 February 2021. The Registrar of Companies is expected to provide more details on the way forward...
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Expiration of the Reduced VAT
Expiration of the Reduced VAT rate on the hotel sector, restaurants and passenger transport from January 11, 2021 The reduced VAT rate of 5% instead of 9% in the following services, which was valid from 1/7/2020, expired on 10/1/2021: Hotels and tourist accommodation and similar premises Restaurants and catering services Transportation of passengers by taxis...
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CySEC sets ground to regulate Cryptocurrencies
CySEC sets ground to regulate Cryptocurrencies The Cyprus Securities and Exchange Commission (the ‘CySEC’) issued a circular on November 25th, providing guidance to Cyprus Investment Firms (‘CIFs’) on issues relating to crypto assets. CIFs should firstly become authorised by CySEC to trade in cryptocurrencies, as they are not specifically regulated by previous regulation, in Cyprus...
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Annual levy alert
Annual levy alert In line with government measures in response to COVID-19, an extension has been given on the payment of annual levy payable to the Registrar of Companies, amounting to €350 per company, from 30th June to 31st December 2020, without any additional charges. In the case where the new deadline stated above is...
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Cyprus vat Tax Alert
Cyprus Tax alert – The payment suspension of the VAT payment until 10/11/20 is further extended The VAT payable arising from the VAT returns submitted for the VAT periods ending on 29/02, 31/03 and 30/04 of 2020, is suspended and can be made in six (6) monthly equal instalments by 10/04/21.   The first payment...
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Cyprus Investment Program Discontinued
On October 13th, a decision was taken by the Council of Ministers of Cyprus to terminate the existing Cyprus Investment Program. The current program, which has been running since 2013 is set to be discontinued on November 1st. Investors will be able to submit their applications by 31st October 2020 and all pending applications are...
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Personal Income Tax Declaration for 2019
The Personal Income Tax Return (TD1 for Employees and Self-employed individuals without requirement for audited Financial Statements) for the tax year 2019 is available for submission through the TaxisNet system at: TAXISnet Service In order to be able to prepare a Personal Income Tax Return, individuals should be registered on TaxisNet. The deadline for submission...
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Listing on the Emerging Companies Market of the CSE
Cyprus Stock Exchange’s Emerging Companies Market (“ECM”) is similar to the AIM for the London Stock Exchange. As an added advantage, it is a Multilateral Trading Facility (MTF) as defined by the EU’s Markets for Financial Instruments Directive (MiFID) and operated by an EU regulated Stock Exchange. In contrast to AIM and other main stock...
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