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So far Afaudit has created 118 blog entries.

Cyprus Intellectual Property (IP) Company

Intellectual Property (IP) can be one of the most valuable assets of an individual or a company. Choosing the right location for the centralisation and management of IP is a highly important commercial decision. Cyprus is known as a very attractive jurisdiction for the establishment of Intellectual Property/Royalty holding companies and holding structures in general. For [...]

By |2019-11-15T13:34:50+00:00November 15th, 2019|News|Comments Off on Cyprus Intellectual Property (IP) Company

Tax Alert

Protocol to the Cyprus-Ukraine Double Tax Treaty was ratified by Ukraine On 30 October 2019, the Ukrainian parliament passed a draft law ratifying the amending protocol, signed on 11 December 2015, to the Cyprus - Ukraine Income Tax Treaty. The amending protocol was previously ratified by Cyprus on 23 December 2015. As a result, the [...]

By |2019-11-01T08:46:25+00:00November 1st, 2019|News|Comments Off on Tax Alert

Anti Tax Avoidance Directives (ATAD)

Controlled Foreign Company Rule (CFC) On 5 April 2019, the House of Representatives adopted the law implementing the provisions of the EU ATAD. The provisions of the Law apply as of 1 January 2019 (from 2019 tax year onwards). The Law introduces the below: Controlled Foreign Company rule (CFC) Interest limitation rule General anti-abuse rule [...]

By |2019-08-29T13:08:29+00:00August 7th, 2019|News|Comments Off on Anti Tax Avoidance Directives (ATAD)

TAX UPDATE 29/03/2019

The Tax Commissioner has extended the deadline for submission, of the 2017 Income Tax Return for Companies (Form T.D. 4) and Self-Employed who are obliged

By |2019-03-29T06:54:34+00:00March 29th, 2019|News|Comments Off on TAX UPDATE 29/03/2019

EBRD upgrades projections for the Cypriot economy

The European Bank of Reconstruction and Development (EBRD) has upgraded its projections for the Cypriot economy. In its Regional Economic Prospects (REP) report, issued today, the EBRD said the Cypriot economy will grow by 3.9% and 3.5% in 2018 and 2019 respectively, upgrading its May projections by 0.7% and 0.5%. This is the second time [...]

By |2018-11-05T08:54:14+00:00November 5th, 2018|News|Comments Off on EBRD upgrades projections for the Cypriot economy

Clarification for CbCR/DAC4 obligations

On 19 September 2018, the Cyprus Tax Department issued an announcement regarding Country-by-Country Reporting (CbCR) obligations related to CbCR exchange relationships as follows: The Cyprus Tax Department informs all legal entities and their representatives that, constituent Entities of Cyprus Ultimate Parent Entities (UPEs) will not be subject to local filing in their jurisdiction of tax [...]

By |2018-10-12T09:09:15+00:00October 12th, 2018|News|Comments Off on Clarification for CbCR/DAC4 obligations

Tax Department circular clarifies VAT treatment of dividends

Introduction Cyprus holding companies are widely used in the context of international business structuring to optimise the channelling of inbound and outbound investments with countries that have signed a double tax treaty with Cyprus. The Tax Department recently issued a circular on the value added tax (VAT) treatment of holding companies, which aims to provide [...]

By |2018-10-09T12:38:42+00:00October 9th, 2018|News|Comments Off on Tax Department circular clarifies VAT treatment of dividends

Double tax treaty with Andorra

On 1 June 2018, Cyprus ratified the double tax treaty it had signed with Andorra on 18 May 2018 (the DTT). The DTT is the first double tax treaty between the two countries. Certain further legal procedures in the two countries need to take place, following which the DTT will enter into force. Once the [...]

By |2018-08-14T08:23:28+00:00August 14th, 2018|News|Comments Off on Double tax treaty with Andorra

19% VAT IMPOSED ON BUILDING LAND

The Cyprus House of Representatives voted on 03/11/2017 a new VAT Law, namely ‘Ο περί Φόρου Προστιθέμενης Αξίας (Τροποποιητικός) (Αρ.3) Νόμος του 2017’, (hereinafter the ‘amending law’), which amends the main VAT Law N.95(I)/2000, (hereinafter the ‘main VAT Law’). It was published in the Official Gazette of the Republic of Cyprus on 13 November 2017 [...]

By |2017-11-16T10:11:21+00:00November 16th, 2017|News|Comments Off on 19% VAT IMPOSED ON BUILDING LAND