On 14 February 2023, at the Economic and Financial Affairs Council, the European Union (EU) Finance Ministers approved the revised list of non-cooperative jurisdictions (EU List). Specifically, in Annex I, four jurisdictions were added (British Virgin Islands, Costa Rica, Marshall Islands and Russia) whereas in Annex II, Barbados, Jamaica, North Macedonia, and Uruguay were removed...Read More

If you are a tax resident in Cyprus, then the word Taxisnet rings a bell! Well, soon, you can forget Taxisnet and get used to the new system being implemented by the Tax Authorities of Cyprus, referred to as Tax For All (TFA). The aim of this new system, other than it being user friendly,...Read More

According to a decree issued by the Minister of Labour and Social Insurance, Mr Kyriakos Koushos, the minimum wage effective in Cyprus from 1 January 2023 will be Euro855. After 6 months of successful employment, the minimum wage will be Euro940. Exceptions Domestic workers Those working in agriculture Those working in shipping Those training or...Read More

Following the collapse of FTX, crypto companies have once again come under great scrutiny. Crypto companies may be complex in nature, and, due to the lack of accounting guidance and limited supervision/governance, may be difficult to monitor. Some key definitions Cryptocurrency – A medium of exchange, such as the US dollar, but is digital and...Read More

Following the changes made by the Cyprus Parliament in July this year regarding the SMEs, if companies meet certain threshold requirements, they meet the definition of an SME and can file reviewed financial statements as opposed to audited financial statements which was the case to date for all Cyprus incorporated companies. With this change in...Read More

The Cyprus House of Representatives (parliament) has approved amendments to redefine SMEs in relation to the requirement for the submission of audited financial statements. How are SMEs defined? With the amendments, SMEs are defined as companies with net turnover not exceeding EUR 200,000 and a balance sheet total not exceeding EUR 500,000 for at least...Read More

On 30 June 2022, the Cyprus House of Representatives (Parliament) enacted an elaborate transfer pricing framework. The need to enact the law, was to eliminate the uncertainty in the market relating to application of the arm’s length principle as the basis for dealing with transfer pricing issues for the last 2 decades. What are the...Read More

Cyprus Personal Income Tax is imposed on the global income (accruing or arising from sources both within and outside Cyprus) of Cyprus tax resident individuals. Non-Cyprus tax residents are taxed only on specific types of income accruing or arising only from sources within Cyprus (e.g. rental income from real estate property located in Cyprus). Below...Read More

There is no denying that transfer pricing is considered as one of the essential issues confronted by multinational corporations. For companies, it is a major tax issue. In Europe, Cyprus has become the last nation to execute the rules of transfer pricing in a scenario where base erosion and profit shifting (BEPS) problems are in...Read More

Recently, Switzerland and Cyprus signed a new protocol for the purpose of amending the current tax treaty between the two nations. Alterations to the tax treaty  The new protocol signed between the countries includes, along with various other things, the minimum required standards of the BEPS actions of the OECD, associated with the bilateral agreements,...Read More