The Income Tax Return for the year 2021 is now open for submission

The Tax Department of Cyprus has announced on 8 April 2022 that the submission of personal tax returns for the year 2021 is now open, via TaxisNet. Pursuant to Directive ΚΔΠ 51/2022 issued by the Council of Ministers, there is an obligation on employees, pensioners and self-employed individuals who do not prepare audited financial statements (Form T.D.1) […]

Extension of the deadline for the submission of Income Tax Return for the year 2020

The deadline for submitting the tax return for companies (Form T.D.4) and self-employed individuals that have turnover exceeding the amount of €70,000 and have an obligation to prepare audited accounts (FormT.D.1 self-employed), for the year 2020, is extended until 31 July 2022. For more information, please speak with our dedicated Tax Planning and Advanced Business […]

Tightening the net on tax avoidance.

An article authored by Publications Editor Linda Stokes was recently published in the Cyprus Mail. The article examines changes to the Income Tax Law, and the Special Contribution for the Defence of the Republic Law, which are designed to close specific tax loopholes. The full article may be viewed by following this link. For more […]

Tax reform on the horizon for 2022

On 9 December 2021, Finance Minister Constantinos Petrides, as part of his 2022 Budget presentation to the House of Representatives, announced the intention of the Cyprus government to proceed with the first major overhaul of the country’s corporate taxation system for 20 years.  The proposals follow hard on the heels of the global agreement made […]

Publication of the official guidelines for the implementation of DAC6 in Cyprus

On the 29th October 2021, the Ministry of Finance published in the Official Government Gazette the relevant Decree based on article 22Z on Administrative Cooperation in the Sector of Taxation Amending Law of 2021 (Κ.Δ.Π. 438/2021) (the “Decree”) governing the local implementation and regulation of matters pertaining to reportable cross-border arrangements based on the European Union […]