Mar 14 24

Tax Alert #5-2024: Deadline extension for submission of tax returns (TD4)

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The Tax Department has announced on 23 February 2024, that the deadline for filing the Company Income Tax Return (TD4) for the tax year 2022 has been extended to 30 November 2024, for persons that have related party transactions and are obligated to file the Summary Information Table (SIT). This extension also applies to the Summary Information Tab...

Feb 23 24

Tax Alert #4-2024: Change in the payment of SDC and GHS Contributions withheld on rent payable by Legal Persons

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The Department of Taxation announced on February 21, 2024, a change in the payment of the SDC and the GHS contribution withheld on rent payable by legal persons. The withheld SDC and GHS contributions will be paid on a six months basis every 30 June and 31 December each year, instead of the previous monthly payments....

Feb 14 24

Στρατηγική Συνεργασία C.Kounnis & Partners Ltd – THESIS Business Consultants S.A. σε θέματα “Transfer Pricing”

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H εταιρεία C.Kounnis & Partners Ltd ενισχύει τις φορολογικές τις υπηρεσίες μέσω στρατηγικής συνεργασίας με την διεθνή εταιρεία THESIS Business Consultants S.A. με έδρα την Αθήνα, Ελλάδα. Σκοπός της συνεργασίας ε...

Feb 6 24

Tax News #3-2024: Higher Thresholds for Transfer Pricing and Local File Requirements

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Higher Thresholds for Transfer Pricing and Local File Requirements On 1st February 2024 the Tax Department has issued an announcement that in anticipation of legislative amendments on transfer pricing provisions they will apply higher thresholds for Local File requirements, from the year 2022 onwards.     More specifically: - The threshold ...

Jan 17 24

Business Alert #1-2024: New deadline for the Register of Beneficial Owners

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Extension of the deadline for submitting data to the Register of Beneficial Owners until 31 March 2024 The Department of Company Registrar announced an extension of the deadline for submitting information to the beneficial owner register. The new deadline being 31 March 2024. Non-compliance with the new deadline will result in financial penal...

Jan 10 24

Tax Alert #2/2024 – Amendment to the Special Defence Contribution rate applied on interest income

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Amendment to the Special Defence Contribution rate applied on interest income On 20 December 2023, an amending law was published regarding the Special Defence Contribution Law, which determines that the rate of the Special Defence Contribution imposed on interest received by residents in the Republic is reduced from 30% to 17%....

Jan 10 24

Tax Alert #1/2024 – Changes in social insurance contribution rates

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Changes in social insurance contribution rates and the maximum earnings threshold on which social insurance contributions are paid (from 01/01/2024) As of 01/01/2024, the social insurance contributions rates change as follows: For employees: 8.8% contribution by the employee and 8.8% contribution by the employer. For self-employed persons: 16...

Nov 9 23

Payments to Non-Cooperative Jurisdictions? Beware of potential tax implications.

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The updateAs of 17 October 2023 the EU List of Non-Cooperative jurisdictions, the so called EU Blacklist, has been updated with 3 countries namely Antigua and Barbuda, Belize and Seychelles. At the same time 3 countries were removed from the list: British Virgin Islands, Costa Rica and Marshall Islands.The full list now consists of 16 countries ...

Jul 3 23

Change in the application of the reduced VAT rate of 5% for the acquisition or construction of primary and permanent residences in Cyprus

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On 16 June a VAT Amendment Law was published in the official gazette of the Republic of Cyprus, which introduces changes to the conditions for the application of the reduced VAT rate of 5% for the acquisition or construction of a residence. The amending law states that the 5% VAT rate will apply only to the first 130 square meters of the buildab...

Dec 19 22

TAX DIARY – UPCOMING DEADLINES

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31 December 2022• Submission of a revised provisional tax return (if applicable) and payment of the 2nd instalment of provision tax• Payment of Special Defence Contribution (SDC) and General Health System Contributions (GHS) on rents, dividends and interest received from abroad for the period July – December 2022• Payment of annual compa...