Distance Selling and B2C Services. New One Stop Shop (OSS) & Import One Stop Shop (IOSS) schemes WHAT IS NEW The new One Stop Shop (OSS) and the new Import One Stop Shop (IOSS) will replace the traditional distance selling rules which are currently in place across the EU from 1 July 2021. The main provisions [...]
The long awaited General Healthcare System (GHS) is now a reality in Cyprus. From 1st of March 2019 the contributions have started with the outpatient healthcare taking effect from 1st of June 2019. Form 1st of June 2020 inpatient healthcare and services will be offered to the beneficiaries which include Citizens of the Republic of [...]
A new tax circular EE25 of the Cyprus Tax Department was issued clarifying the treatment of NRCC. When a Cyprus company contributes to the net assets of its foreign subsidiary company (usually Russian) without the latter issuing new shares in the form of NRCC there was a dispute whether the said contribution is treated as a [...]
TAX TREATMENT OF INTRA-GROUP BACK-TO-BACK FINANCING ARRANGEMENTS On the 30th of June the Cyprus Tax Department has issued an interpretative Circular as to the treatment of Intra group back to back financing arrangements. The circular interprets the Tax Departments May’s announcement which the minimum accepted profit margin on back to back loan schemes [...]
Cyprus Tax Department publishes the 10 year bond yield for Notional Interest Deduction (NID) purposes for 31st December 2016 The Cyprus tax authorities have announced the interest yield of the 10 year government bonds as at 31st December 2016 which increased by 3 % grants tax allowance on new capital introduced into the Cyprus company. [...]
Minimum profit margins on Back to Back Loans abolished The Cyprus Tax Department (CTD), in order to streamline its policies and adhere with the latest OECD guidelines and the Code of Conduct for Business Taxation and under an EU State Aid perspective, has withdrawn its guidance on the minimum profit margins it accepts on back [...]