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Exemption from the obligation to submit an income tax return
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...
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Tax Update – Ukraine Legislative Changes
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...
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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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Deemed Dividend Distribution (DDD) for tax year 2018 - Deadline extension
Please be informed that the deadline for the payment of SDC and GHS contributions on deemed dividends for the tax year 2018 has been extended from 31 January 2021 to 30 April 2021. Which companies are subject to SDC and GHS contributions on DDD? Any company which has not distributed at least 70% of its...
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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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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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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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Greek Tax Alert
The International Economic Relations Directorate of the Greek Ministry of Finance issued a decision on the 31st March 2016 (and further decisions dated 28th January 2019 and 4th April 2019), clarifying specific provisions of the Double Tax Treaty between Greece and Cyprus with regards to the availability of tax credits for foreign taxes suffered. As...
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Greece introduces tax incentives for relocation of foreign pensioners
Greece, with newly enacted tax legislation, invites foreign pensioners to relocate and benefit from reduced taxation rates. Persons who receive retirement income from abroad and decide to become tax residents in Greece, can now enjoy a special, flat tax rate of 7% on the sum of their retirement income. The tax is payable annually as...
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cyprus 1st provisional tax instalment 2020
A reminder that the 1st provisional tax instalment for the tax year ending 31 December 2020 is due on 31stJuly 2020 and the deadline for its payment is on 31st August 2020. The payment of provisional tax can be made through www.jccsmart.com. On the website, follow the path: Tax Department -> SELF ASSESSMENTS -> TEMPORARY Assessment...
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