Blacklist Amendments

Blacklist Amendments

October 20th, 2023 The European Council, on October 17th, 2023, added Belize, Seychelles, Belize, and Antigua & Barbuda to the EU list of non-cooperative countries, and removed British Virgin Islands (BVI), the Marshall Islands and Costa Rica from the same list....
Blacklist Amendments

Pillar 2 Harmonizing law

October 11th, 2023 The Ministry of Finance of the Republic of Cyprus has prepared and proposed a harmonizing law on October 23rd 2023 entitled “Ensuring a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-scale Domestic Groups in the...
Blacklist Amendments

Luxembourg dares Pillar Two

A Draft Law securing a global minimum level of taxation for MNE (multinational enterprises) and large-scale domestic groups in the EU was issued in Luxemburg on August 4th, 2023, transposing at national level Council Directive (EU) 2022/2523 (14.12.2022) which secures...
Blacklist Amendments

DTT SUSPENSION

August 10th, 2023, A Russian Presidential Decree has suspended substantial articles from existing double tax treaties (DTTs) concluded between Russia with about 40 “unfriendly” states, including the Cyprus-Russia Double Tax treaty. The suspended articles...
Blacklist Amendments

Employment Benefit Amendments

Thursday, July 6th, 2023, The new amendments dated June 30th, 2023, brought to article 8(23A) of the Income Tax Law “ITL” are the following: The number of years whereby an individual should not have been resident in the Republic of Cyprus before commencing his first...
Blacklist Amendments

Crypto Assets Reporting

On 16 May 2023, the EU Finance Ministers, at a meeting of the ECOFIN (Economic and Financial Affairs Council) held by the Council of the EU, reached an agreement with regards to amending DAC 8, the EU Directive for administrative cooperation implementing OECD rules on...