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…

All Cyprus registered companies are required to pay the Annual Government Levy of €350 to the Registrar of Companies by 30 June of each year. Penalties apply in case of delayed payments. For Companies incorporated after 30 June the Levy is payable upon incorporation. Please note that the Levy is payable only through the Department’s website and through JCCsmart. If…

The Ministry of Strategy and Finance announced on October 10 that it would revise the “Tax Reduction and Exemption Control Act.” to expand support for employment and investment. The revision of the tax Reduction law will be submitted to national assembly after vice-minister council and cabinet council in the beginning of February. 1. If calculating additional deductions for deduction of…