The revised DTAA between Cyprus and India, as announced on November 18, was published in Cyprus’ Gazette on 25 November 2016 and will replace the existing treaty which was concluded back in 1994. No changes have been observed on the withholding tax rates on dividends and interest, which remain at 10% (some exemptions apply). It is worth noting that neither…

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…

Research and development tax update - RDEC Enhance tax relief for qualifying R&D expenditure has been a feature of the UK tax system for companies since its introduction in 2000 for small and medium- sized enterprises (”SME”s) and 2002 for large companies. A company is large if it has annual turnover of over €100 million, and a balance sheet exceeding…

The Inland Revenue Board (IRB) has introduced transfer pricing (TP) legislation under Section 140A of the Income Tax Act, 1967 (the Act) in 2009 and subsequently issued the Income Tax (Transfer Pricing) Rules 2012 (the TP Rules) and the Transfer Pricing Guidelines 2012 (the TP Guidelines) in 2012 with a retrospective effect from 1 January 2009. Based on the said…

Brexit and implications for UK enterprises The greatest advantage of the European Union is the economical and uninterrupted access to the EU single market. There is a range of benefits that can be mentioned, such as cash flow savings from the absence of VAT charges between businesses for intra-EU provision of services, ‘passporting’ of the licenses financial institutions have from…

On 30 June 2016, the new tax law on implementing automatic exchange of information (AEOI) in Hong Kong has become effective. AEOI is the international standard for automatic exchanging of financial account information in tax matters as published by the Organization for Economic Co-operation and Development (OECD) in July 2014. Hong Kong targets to identify appropriate jurisdictions as its potential…