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TAX UPDATE JULY 2017

August 1, 2017 11:57 am

The Cyprus Tax Department (CTD) has informed the Institute of Certified Public Accountants in Cyprus (ICPAC) of their intention to abolish the practice of accepting pre-agreed minimum set profit margins of 0,125% – 0,35% on intra-group and related party financing arrangements that were in the form of back-to-back loans. It is being reminded that in […]

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Bvi New Disclosure Of Information Law

June 28, 2017 11:36 am

The Government of the British Virgin Islands (“BVI”) has agreed to exchange information of Ultimate Beneficial Ownership (“UBO”) under a number of different agreements between the Government of the United Kingdom and Northern Ireland, and the Government of the BVI. The Beneficial Ownership Secure Search system Act, 2017 (“BVI BOSS SYSTEM”), which is expected to […]

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New Tax Practice, Cyprus

June 28, 2017 11:34 am

INTRODUCTION In February 2017, the tax department in Cyprus announced its plan to end the existing tax practice in regards to minimum acceptable margins on loans given to related parties. The reason the tax department has decided to terminate the specific tax practice is that the tax system of Cyprus has to comply with the […]

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Cyprus will sign the Multilateral Instrument of the OECD on the 7th of June 2017

May 24, 2017 2:14 pm

The Cyprus government declared its intent to sign the ‘Multilateral convention to implement tax treaty related measures to prevent Base Erosion and Profit Shifting’ (Multilateral Instrument) of the OECD in setting minimum standards on Double Tax Treaties. The Ministry of Finance issued a press release stating that everything has been approved by the Council of […]

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