On April 7, 2021, the Republic of Cyprus has announced amendments to the eligible criteria for the Cyprus Permanent Residency Programme. In pursuance of the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of Interior, having notified the Council of Ministers, has…
As we informed you late last year, the Council of Ministers decided to transpose the 4th Anti-Money Laundering Directive (EU) 2015/849 to the national legislation. The registry development has been completed and the Ministry of Finance has announced its official operation on April 6th, 2021. All legal…
Christodoulos Damianou, together with colleagues Christos Theophilou and Demis Ioannou of Taxand Cyprus present a case study of how the Cypriot tax authorities use safe harbour rules in determining arm’s-length interest rates. Transfer pricing has always been a challenging exercise,…
Eurofast would like to inform you that from April 1st, 2021, the Registrar of companies shall impose penalties for every company that fails to timely file its annual return. Upon the first day of non-compliance the late filing fee shall amount to fifty euro (€50) plus a further charge of one euro (€1) for every day for the first 6…
The EU’s Action Plan on Sustainable Finance has, since 2016, pursued the implementation of regulatory measures aimed at introducing market standards and legal obligations in the field of sustainable finance. The “Sustainable Finance Disclosure Regulation” (“SFDR”), adopted in 2019, is supplemented by the EU’s Taxonomy Regulation and…
Eurofast would like to inform you that a further extension of the deadline has been announced regarding the mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements (DAC6 Reporting). The new extension date…
The Cyprus Stock Exchange (“CSE”) operates within the defined European framework and is under full supervision by the Cypriot authorities. In addition to the Regulated Market, the CSE also operates the non-regulated Emerging Companies Market, on the basis of the…
The newly amended sections relate to taxes on income and the prevention of tax evasion and avoidance. Pursuant to the latest discussions between the Republic of Cyprus and Egypt, an agreement has been concluded for the amendment of the DTT between the two States. Both countries have…
It is probable that, while you are reading this article, Cyprus is already the latest European country to introduce transfer pricing legislation in its income tax law with effect from the 1st of January 2021. This introduction will mark a new era of how Cypriot corporations shall calculate their tax base: transfer pricing, in essence, is a mechanism that divides the…
Eurofast would like to inform you that on the 25th of June 2018, the EU Council Directive 2018/822 (commonly referred to as “DAC6”) was published in the Official Journal of the EU. DAC6 amends EU Council Directive 2011/16/EU on administrative…