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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 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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The evolving transparency measures taken across the world and the continuous advances in Anti-Money Laundering Legislation, have been leading the EU member states to the development of Centralised Registers of Ultimate Beneficial Owners (“UBOs”). On 16 December 2020, the Council of Ministers, in line with Article 57(b) of the “Prevention and suspension of money laundering...
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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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Electronic Declaration of Special Defence Contribution (SDC) withheld from Interest and Dividends The following declarations, previously only submitted in paper form to the Tax Department, have now been made available electronically and can be submitted through the TAXISnet online system: Form T.D.602- Declaration of withheld Special Contribution for Defence from Interest Form T.D.603 – Declaration...
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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 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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