by Jason Gorringe, Tax-News.com, London 25 June 2020 The Government of Cyprus has announced a number of new tax support measures for businesses, including a value-added tax rate cut for tourism accommodation providers and restaurants. The Government has announced that during the period July 1, 2020, until January 10, 2021, tourist accommodation and catering services […]
by Lorys Charalambous, Tax-News.com, Cyprus 15 May 2020 The BEPS multilateral convention entered into force for treaties signed by Cyprus and Saudi Arabia on May 1, 2020. Any treaty signed by Cyprus or Saudi Arabia that they selected as a “covered agreement” will be modified by the BEPS MLI as from May 1, 2020, providing […]
by Lorys Charalambous, Tax-News.com, Cyprus 15 April 2020 The Cyprus Government has announced a number of extensions to tax return filing dates. In a number of separate decisions, the Government has extended the deadline for annual corporate income tax returns and for personal income tax returns for the 2018 tax year from March 31, 2020, […]
by Ulrika Lomas, Tax-News.com, Brussels 06 February 2020 The European Commission has launched infringement proceedings against 14 member states for failing to implement the so-called value-added tax quick fixes. The VAT quick fixes were included in Council Directive (EU) 2018/1910 of December 4, 2018. They are intended to simplify VAT compliance for businesses and strengthen […]
by Ulrika Lomas, Tax-News.com, Brussels 31 December 2019 The EU has approved under state aid rules the introduction of a tonnage tax scheme in Estonia and the prolongation of a tonnage tax scheme in Cyprus. To address the risk of flagging out and relocation of shipping companies to low-tax countries outside of the EU, the […]
by Ulrika Lomas, Tax-News.com, Brussels 02 December 2019 EU member states have been unable to reach an agreement on proposals to release to the public information on multinational enterprises’ tax affairs. The EU’s Competitiveness Council met on November 28, 2019, to discuss the latest compromise proposal put forward by the Council presidency. The proposals were […]
by Mike Godfrey, Tax-News.com, Washington 18 October 2019 Costa Rica’s Ministry of Finance has released a statement clarifying its decision to exclude a number of territories with low effective income tax rates from its list of non-cooperative territories. Companies doing business, directly or indirectly, with legal or natural persons situated in one of the listed […]
by Ulrika Lomas, Tax-News.com, Brussels 28 January 2019 For the first time, the Commission has presented a comprehensive report on investor citizenship and residence schemes operated by a number of EU member states. It comes following an announcement from the OECD that it intends to increase its work on challenging tax avoidance through citizenship by […]
by Ulrika Lomas, Tax-News.com, Brussels 12 October 2018 Switzerland has made its first exchanges under the new international automatic exchange of information (AEOI) framework, the Common Reporting Standard. The Swiss Federal Council said that the Federal Tax Administration (FTA) made its first transmission of financial account information at the end of September. The FTA sent […]
by Ulrika Lomas, Tax-News.com, Brussels 28 September 2018 The Cyprus Tax Department has released a notice on the obligation on Cypriot constituent entities of multinational groups to file a CbC report in Cyprus where the ultimate parent entity files in a territory without an exchange of information arrangement with Cyprus. The Department noted that providing […]
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