Cyprus and Saudi Arabia have concluded and signed a Double Taxation Avoidance Agreement (DTTA). The treaty will be confirmed and finalized within 2018 and will be effective from the 1st of January 2019. The treaty is based on the OECD Model Tax Convention framework with some modifications. Regarding Saudi Arabia, the treaty covers the Zakat (religious obligation of Muslims) and…
Introduction The House of Representatives of Cyprus on 3 November 2017, voted into law an amendment to the Cyprus VAT legislation, which will impose VAT at the standard rate of 19% on certain transactions involving immovable property that are carried out for business purposes and that currently are exempt from VAT, in order to be in line with the EU…
The latest issues of PRISM – the quarterly tax newsletter, which is part of Reanda’s effort to stay in touch with our clients by sharing updates and insights on the recent taxation changes and current hot topics. Read the publication online. Highlights China Measures of international tax environment Under the strategic guidance of One Belt and One Road, step by…
Friday, 01 December 2017 11:42

TEMPORARY TAX - 2017

According to the Income Tax Office legislation, each company needs to estimate its final taxable income for the current year and pay two equal installments on the estimated tax before/at the following dates:1. 31 July - current year2. 31 December - current year If the Company fails to do so by submitting the IR6 declarations and its operations result in…
On 14 July 2017, the House of Representatives unanimously voted and approved an amendment to the definition of the “Cyprus Tax Resident Individual” term in the Income tax law. In detail, an individual who does not remain in any other jurisdiction for one or more periods which altogether exceed 183 days in the same tax year and is not a…
Wednesday, 19 July 2017 06:15

Intra-Group Financing Arrangements ("IGFA")

Introduction On 30/06/2017, following their initial announcement the Cyprus Tax Authorities published the new rules in relation to the tax treatment of IGFA based on the arm’s length principle to follow the guidelines of the Organisation for Economic Co-operation and Development. These rules will be effective from 01/07/2017 and apply to existing and future IGFA. Old Legislation Until 30/06/2017 the…
Page 6 of 37