Intellectual Property (IP) Regime in Cyprus

In 2016, Cyprus adopted amendments to the Income Tax Laws and to the Cyprus Intellectual Property (IP) regime, to fully comply with the EU legislation and the relevant OECD recommendations of the BEPS Action 5. The amendments apply retrospectively as from 1 July 2016.

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PROVISIONAL TAX: 1ST INSTALLMENT PAYABLE UNTIL 31 JULY 2020

We would  like to inform you that the first installment of the “Provisional Tax 2020” is payable until 31 July 2020.

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Cyprus Funds industry

The international business environment has been changing rapidly over the past few years since there is a global movement towards transparency which leads to the introduction of the new stricter legislations and Anti Money Laundering procedures. The banking sector has become very strict, sceptical and reluctant in accepting foreign investors and raised barriers to many businesses that operate internationally. A significant factor considered by both banks and the tax authorities is the so-called substance. Many companies are struggling in establishing a business rational for setting up substance abroad and also the management and controlled is often questioned by the authorities and the banks. At the same time, in light to the economic crisis there is a need to look for alternative financing methods for the businesses.

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The Cyprus Tax Portal

The Cyprus Tax Department launched last week the digital “Tax Portal” aiming to assist tax payers through an online and automatic platform without physical presence of the citizens at the tax offices and time consuming procedures.

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DAC6 reporting deadlines_Extension for 6 months

The European Council on the 24th of June approved the optional 6 months postpone of DAC6 related to the Exchange of Tax Information between European Countries, in the view of Coronavirus crisis.

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GHS (GESY) contribution for June 2020

GHS (GESY) contribution rates for June 2020 are as follows based on announcement received from the Ministry of Labour

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Employment of third country national in Cyprus Companies of Foreign Interests

In general, for the granting of permit for the employment of third country nationals in Cyprus, there are several conditions which have to be met. The basic conditions are the absence of prospects to meet the specific needs of the employer by local labour force, that is to say by Cypriot or European citizens and for the number of the third country nationals who are employed by the employer not to exceed the 30% of the total personnel of the employer.

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Levy Tax 2020 for Cyprus Companies

Globalserve Consultants Ltd would like to remind you that for all the Cyprus companies, the 2020 levy of a €350 is now due for payment.

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Panama: Registration of Final Beneficiaries of Legal Entities

Panama implements the Private and Unique Registry System for Final Beneficiaries of Legal Entities.

“Private and Unique System of Registration of Final Beneficiaries of Legal Entities” was approved in Panama on March 17, 2020 and became law on March 20, 2020.

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Belize Tax ID Number

We would like to update you with respect to the Belize companies requirement for Tax Identification number (TIN).

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