News for Corporate TAX

International Trust in Cyprus

A trust generally may be determined as an establishment whereby an owner (more appropriately called the “settlor”) of a thing – usually a proprietary asset – delivers it or delegates it in the custody of a person (called a “trustee”) for use or for management or for safe custody. 

Tonnage Tax System and Ship Registration in Cyprus

On 16th of December 2019, the EU Commission has approved the prolongation of Cyprus’ tonnage tax System for the next 10 years, up to 31 December 2029. This approach will encourage new ship registrations in Cyprus. 

The analysis of Tonnage Tax System in Cyprus

The Tonnage Tax System covers any ship-owner of a qualifying vessel that conduct qualifying activities. 

The Tonnage Tax System (TTS) in Cyprus

Cyprus is considered as one of the most appealing and developed shipping hubs in the world. A great number of ship management companies running in Cyprus are regarded amongst the largest of their type. 

New Cyprus IP Box Regime - Regulations

Rules of the altered “nexus approach underlie the new IP System. In accordance with this approach, the immaterial asset has to meet requirements of the regime. 

IP Protection in Cyprus

The protection of IP rights is deal with extensively in Cyprus. There is a comprehensive system in place that guarantees that the results of innovation and creativity are protected both at the European and International levels.   

Cyprus IP Box Regime

Technology and innovation can be very helpful in solving many crucial global issues. The Republic of Cyprus undertake successful steps to ensure that it is in the maelstrom of events.

Notional Interest Deduction (NID)

The Notional Interest Deduction (NID) is a tax incentive provided by the Cyprus government to companies that invest in new tangible and intangible assets. The NID was introduced in 2013 as part of the Cyprus tax reform to encourage investment and boost economic growth.

New Format for Tax Identification Numbers (T.I.N.) in Cyprus

Starting from March 27, 2023, the Cyprus Tax Department has implemented a new format for Tax Identification Numbers (T.I.N.) assigned to new registrations in their registry. 

Cyco Tax Obligations

A Cyprus company is subject to certain tax obligations under the Cyprus tax law. These include: Corporate Income Tax, Value Added Tax (VAT), Withholding Tax, Transfer Pricing, Tax returns, Tax payments, Double Taxation Agreements.

Stamp Duty

In Cyprus, stamp duty is imposed by the Department of Lands and Surveys, which is a government agency responsible for the registration of property and other legal documents. The stamp duty is paid when a legal document is presented to the Department of Lands and Surveys for registration. 

Stamp Duty on Employment Agreement

In Cyprus, stamp duty is also imposed on certain legal documents, including employment agreements. The stamp duty rate for an employment agreement is currently €17.08 per each €1,000 of the total annual salary stated in the agreement. 

DAC 6

Under the EU Directive 2018/822 (DAC6), adopted in May 2018, EU intermediaries such as banks, law firms, corporate service providers, accounting firms, and taxpayers themselves are obligated to report arrangements to the tax authorities in the country in which they are resident. 

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