This Tax Reform Package provides a high-level summary of the main legislative amendments introduced under Cyprus’ tax reform, effective from 1 January 2026.
Welcome to the 2025 edition of Cyprus Tax Facts. We are delighted to present our updated comprehensive guide, offering essential insights into the latest advancements in tax legislation.
On 25 October 2024, the Cyprus Tax Department (“CTD”) released an announcement informing all taxpayers that the Council of Ministers in their latest meeting decided to extend the date of submission of the Income Tax Return, for persons who have an obligation to submit a SIT for their controlled transactions for 2022 and 2023 as follows: • Income Tax Return 2022: extension until 28 February 2025 • Income Tax Return 2023: extension until 30 November 2025
On 20 May 2024, the Cyprus Tax Department (“CTD”) released an announcement informing all taxpayers that the final version of the Summarized Information Table(“SIT”) is now available and can be submitted through the Tax For All (“TFA”) portal
On 23 February 2024, a Decree was published in the Official Gazette of the Republic, extending the statutory deadline for the submission of the Income Tax Return for the tax year of 2022 from 31 March 2024 to 30 November 2024.
Welcome to the 2024 edition of Cyprus Tax Facts. We are delighted to present our updated comprehensive guide, offering essential insights into the latest advancements in tax legislation.
On 01 February 2024, the Cyprus Tax Department (“CTD”) published a letter from the Commissioner of Taxation to the Institute of Certified Public Accountants of Cyprus, the Cyprus Chamber of Commerce and Industry and Cyprus Employers & Industrialists Federation regarding their intention to revise the designated thresholds for the preparation of a Cyprus Local File, effective from tax year 2022.
On 21/7/2023 amending VAT Law 75(I)/2023 was announced in the Official Gazette of the Republic, thereby bringing into effect reductions in the VAT rate which applies to certain goods and services, previously subject to the reduced rate 5%.
On 17 January 2023 the European Parliament (“EP”) approved the European Commission’s (“EC”) proposal of 22 December 2021, for a Council Directive to introduce stricter substance requirements to combat tax benefits claimed by “shell entities”.
If one word defines today’s new and unfamiliar tax landscape it would most likely be ‘transparency’. How will your business steer through the risks of total tax transparency?