Taxpayers’ Obligation for Personal Income Tax Returns

The Amending Law to the Assessment and Collection of Taxes Law (L.126(I)/2020) has introduced an obligation on all taxpayers to submit a personal income tax return, irrespective of their income.

Next steps for Cyprus on minimum corporate tax

The Cyprus government is already at work to find a solution for the country on the OECD minimum corporate tax proposal that has been agreed to by the G7 and G20 political forums.

Cyprus rolls out ‘jab discount’ for hotel stays

Lodging businesses in the Republic of Cyprus have until Friday to apply for a state subsidy that would partially fund hotel stays for vacationers who got the vaccine or the state has a record of their recovery from COVID.

Cyprus – Netherlands Double Tax Treaty

The Convention between the Republic of Cyprus and the Kingdom of the Netherlands for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance (known as the Double Tax Treaty (DTT) between Cyprus and the Netherlands) was signed on 1 June and published in the Official Gazette of the Republic of Cyprus on 4 June 2021.

Finance Minister says G7 minimum tax agreement does not affect Cyprus

The G7 agreement on corporate minimum taxation does not appear to affect Cyprus, which plans to hold a constructive stance during discussions but at the same time secure its interests, Finance Minister Constantinos Petrides said on Monday.

€700,000 in grants to boost businesses along Green Line

A total of €700,000 in grants were presented on Friday by Interior Minister Nicos Nouris and Nicosia Mayor Constantinos Yiorkadjis to 18 private companies operating in areas adjacent to Nicosia’s Green Line, as part of a scheme to boost entrepreneurship in the area.

EY survey: Greater tax risk for organizations globally, in 2021 and beyond

More than half (53%) of responding business tax leaders expect greater tax enforcement in the next three years, particularly as governments look to remedy budget pressures and stimulate their economies during the COVID-19 pandemic, according to the 2021 EY Tax Risk and Controversy Survey . EY teams canvassed the views of 1,265 tax and finance leaders across 60 jurisdictions and 20 industry sectors during the fourth quarter of 2020, making it the largest sample in the survey’s history.

Cyprus goes from fiscal surplus to deficit

As Covid-19 bit hard, Cyprus went from a budget surplus to recording an annual deficit of €251.7 million (1.1% of GDP) in the first quarter of 2021, according to preliminary General Government fiscal results.