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...
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...
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%....
Tax Alert #1/2024 – Changes in social insurance contribution rates
Changes in social insurance contribution rates and the maximum earnings threshold on which social insurance contributions are paid (from 01/01/2024) As of 01/01/2024, the social insurance contributions rates change as follows: For employees: 8.8% contribution by the employee and 8.8% contribution by the employer. For self-employed persons: 16.6% contribution. As...
TAX DIARY – UPCOMING DEADLINES
31 December 2022 • Submission of a revised provisional tax return (if applicable) and payment of the 2nd installment of provision tax • Payment of Special Defence Contribution (SDC) and General Health System Contributions (GHS) on rents, dividends and interest received from abroad for the period July...