The Reanda International network is pleased to bring to you the latest issue 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. Please click here to download a digital copy of the 2nd quarter 2016…

Part One: Appropriate choice of taxpayer identity Based on  the  scale  of  operation  and  the  sound level of accounting systems of payers, taxpayers are categorised into general VAT taxpayer and small-scale VAT taxpayer. The general taxpayers shall apply general tax law; while the small-scale VAT taxpayer shall apply simple calculation methods.  In accordance with the Tax File Number 36 [2016],…

Good news for property owners. Immovable Property Tax (‘IPT’) will be abolished in 2017. The 2016 IPT charge will be the ¼ of the assessed 2015 tax (before any discount or penalties), provided that the payment will be made until October 31, 2016. Owners who have bought or sold property in 2015 will pay IPT, which will be calculated on the total…

Ευχάριστα νέα για τους φορολογούμενους ιδιοκτήτες ακινήτων. Ο Φόρος Ακίνητης Ιδιοκτησίας (ΦΑΙ) καταργείται από το 2017. Για το 2016 πρέπει να πληρωθεί το ¼ της φορολογίας, που επιβλήθηκε το 2015 (πριν την οποιαδήποτε έκπτωση ή επιβάρυνση), νοουμένου ότι η πληρωμή θα γίνει μέχρι τις 31 Οκτωβρίου του 2016. Ιδιοκτήτες οι οποίοι έχουν αγοράσει ή πωλήσει ακίνητα κατά το 2015 θα πληρώσουν ΦΑΙ…

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…

According to an official interpretation of the Double Taxation Avoidance Agreement between Greece and Cyprus (DTAA) issued by the International Economic Relations Directorate (IERD) of the Greek Ministry of Finance, dated 31 March 2016, the Cyprus corporate income tax (12,5%) can be credited against the Greek tax on dividends (15%). The interpretation states that a tax credit must be granted…