May 2017 The tax treaties signed between Cyprus and Iran and Cyprus and Jersey enter into force as of 1 January 2018, a development which further enhances Cyprus positioning as a preferred hub for international investments and tax planning. Regarding tax treaty with Iran visit our earlier publication for details: Cyprus signs off a Double Taxation Avoidance Agreement (DTAA) with…

The Ministry of Finance announced that on 8 May 2017 in Nicosia, The Republic of Cyprus and The Grand Duchy of Luxemburg concluded and signed the Double Taxation Avoidance Agreement (DTAA). The treaty will come into force as from the 1st January next following the year in which each country completes the ratifications process. The DTAA is based on the…

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 year 2. 31 December - current year If the Company fails to do so by submitting the IR6 declarations and its operations…

The Cyprus Ministry of External Affairs and Ministry of Finance have announced that the internal procedures required for the ratification of the DTAA with Latvia are completed and the DTAA are considered effective as of 1 January 2017. The DTAA is based on the OECD (Organization for Economic Co-operation and Development) Model Convention and is expected to further improve the…

Individuals a) All individual tax residents will receive a personal income tax rebate of 20% of tax payable for income earned in basis year 2016. The rebate will be capped at $500 per taxpayer. b) Withdrawing the Goods and Services Tax (GST) Tourist Refund Scheme (TRS) for tourists departing by international cruise whose purchase are made on or after 01…

Withholding tax is an amount withheld by the resident carrying on business in Malaysia on income earned by a non-resident and paid to the Inland Revenue Board of Malaysia. The Malaysian Income Tax Act, 1967 (“ITA 1967”) provides that where a resident is liable to make payment as listed below (other than income of non- resident public entertainers) to a…