News Archive 2020

December 23, 2020

The Council of Ministers of Cyprus on 16/12/2020 decided to Appoint the Registrar of Companies and Official Receiver, as the competent authority for the maintenance of the central Register of Real Beneficiaries of the companies and authorized it to collect information about the actual beneficiaries of companies and other legal entities through the system developed.

October 07, 2020

Cayman Islands and Oman were removed from the list of non-cooperative jurisdictions, Barbados and Anguilla were added in their place.

September 16, 2020

The Law Regulating Companies Providing Administrative Services and Related Matters of 2012 (the Law) has been further amended on 17/08/2020.

August 14, 2020

On August 10, as part of the negotiations, Cyprus agreed to new conditions that provide for withholding tax at the sources of payment at the rate of 15% for dividends and interest paid from the Russian Federation.

August 10, 2020

At the beginning of the pandemic, the Organization for economic cooperation and development recommended that countries change their legislation so that isolation does not affect tax residency.

July 14, 2020

The CRS requires countries and jurisdictions to exchange information about non-residents' financial accounts received from their financial institutions annually, which reduces the probability of tax evasion in offshore zones.

July 10, 2020

From March 1, 2020, contributions to the Fund of the state health insurance system of Cyprus GESY were supposed to grow as part of the second stage of the reform of this system.

June 26, 2020

On June 16, 2020 the Cyprus Government Gazette published amendments to the Cyprus Income Tax Law (ITL) (Law 66 (I)/2020) concerning the rules for deducting conditional interest (notional interest deduction – NID).

June 10, 2020

In Cyprus, the process of gradual lifting of restrictive measures began in May. But Cyprus Government maintains and extends measures to support businesses and citizens.

May 21, 2020

The Commission has published a comprehensive Action Plan on its official website, which sets out concrete measures on combating money laundering and terrorist financing.

May 18, 2020

In 2020, the deadlines for submitting financial statements in accordance with CRS and FATCA standards has changed.

May 08, 2020

The financial regulatory agency of Cyprus (CySec) has changed some due date obligations for issuers, providers and funds: The due date for the obligation of issuers to publicise the annual financial statements for 2019, is postponed for the 30 of June 2020. The due date for [...]

April 30, 2020

Currently, when most of us work remotely, we would like to inform you once again that all specialists of Korpus Prava remain in touch.

April 15, 2020

Taking into account the current situation, our clients have a lot of different issues that require professional consulting support on-line.

April 13, 2020

Currently, when most of us work remotely, we would like to inform you once again that all specialists of Korpus Prava remain in touch.

March 17, 2020

The Russian government has approved the concept of developing a tax monitoring system.

March 03, 2020

On March 1, 2020, the President of the Russian Federation signed the Federal law "On Antimonopoly compliance", which provides for amendments to law No. 135-FZ "On protection of competition".

February 17, 2020

OECD released public consultation document that is based upon the mandate set out in the BEPS Action 13 report, and focuses on issues concerning the use of CbC reports by tax administrations for the purposes of a high level transfer pricing risk assessment. The public consultation document [...]

January 24, 2020

At the end of 2019 Cyprus municipalities introduced a new tax for Cyprus companies called Professional Tax.