The benefits of relocating to Cyprus
Constantinos Kounnis explains why recent tax and other changes have made Cyprus an attractive destination for individuals looking to relocate. Cyprus has become a fashionable relocation destination for high net worth individuals, experienced professionals and expatriates in recent years. This is not just because of the...
Tax Alert #8-2024: Temporary Tax for 2024 & Employer’s Returns (IR7) Not Submitted for the Years from 2019 Onwards
1) TEMPORARY TAX FOR 2024 The deadline for the submission of the 1st installment of temporary tax for the year 2024 is 31 July 2024 and the 2nd installment is 31 December 2024. Who is Obliged to Pay Temporary Tax: - Individuals with taxable income from sources other...
Tax Alert #7-2024: Summary Information Table (SIT) Filing
Summary Information Table (SIT) Filing Taxpayers with transactions involving related parties must complete a SIT detailing these transactions, including legal names, tax residency, Tax Identification Numbers, and transaction values. The deadline for SIT submission for the tax year 2022 has been extended to 30 November...
TAX ALERT #6-2024: Amendment of the Income Tax Law regarding energy saving initiatives
We would like to inform you that on 12 April 2024, an Income Tax Amendment Law was published in the Official Gazette of the Republic. It includes significant amendments to the tax framework for energy saving initiatives, as follows: Allowable deductions concerning energy saving studies...
Tax Alert #5-2024: Deadline extension for submission of tax returns (TD4)
The Tax Department has announced on 23 February 2024, that the deadline for filing the Company Income Tax Return (TD4) for the tax year 2022 has been extended to 30 November 2024, for persons that have related party transactions and are obligated to file the...
Tax Alert #4-2024: Change in the payment of SDC and GHS Contributions withheld on rent payable by Legal Persons
The Department of Taxation announced on February 21, 2024, a change in the payment of the SDC and the GHS contribution withheld on rent payable by legal persons. The withheld SDC and GHS contributions will be paid on a six months basis every 30 June and...
Στρατηγική Συνεργασία C.Kounnis & Partners Ltd – THESIS Business Consultants S.A. σε θέματα “Transfer Pricing”
H εταιρεία C.Kounnis & Partners Ltd ενισχύει τις φορολογικές τις υπηρεσίες μέσω στρατηγικής συνεργασίας με την διεθνή εταιρεία THESIS Business Consultants S.A. με έδρα την Αθήνα, Ελλάδα. Σκοπός της συνεργασίας είναι η παροχή εξειδικευμένων φορολογικών συμβουλών και ετοιμασίας μελετών σε θέματα τεκμηρίωσης τιμών ελεγχόμενων συναλλαγών (Transfer...
Tax News #3-2024: Higher Thresholds for Transfer Pricing and Local File Requirements
On 1st February 2024 the Tax Department has issued an announcement that in anticipation of legislative amendments on transfer pricing provisions they will apply higher thresholds for Local File requirements, from the year 2022 onwards. More specifically: The threshold for the category of financing transactions increases...
Business Alert #1-2024: New deadline for the Register of Beneficial Owners
Extension of the deadline for submitting data to the Register of Beneficial Owners until 31 March 2024 The Department of Company Registrar announced an extension of the deadline for submitting information to the beneficial owner register. The new deadline being 31 March 2024. Non-compliance with the new deadline will...
Tax Alert #2/2024 – Amendment to the Special Defence Contribution rate applied on interest income
On 20 December 2023, an amending law was published regarding the Special Defence Contribution Law, which determines that the rate of the Special Defence Contribution imposed on interest received by residents in the Republic is reduced from 30% to 17%....