News Archive 2020
December 23, 2020
Electronic Register of Beneficiaries in CyprusThe 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
EU list of non-cooperative jurisdictions for tax purposes was updatedCayman Islands and Oman were removed from the list of non-cooperative jurisdictions, Barbados and Anguilla were added in their place.
September 16, 2020
Corporate administrators can provide a new type of serviceThe Law Regulating Companies Providing Administrative Services and Related Matters of 2012 (the Law) has been further amended on 17/08/2020.
August 14, 2020
Russia and Cyprus: Tax Agreement on New TermsOn 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
Tax Residency in 90 DaysAt 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 OECD has published the results of automatic exchange of information on financial accounts in 2020The 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
Cyprus: Since 1 of July Contributions to the GESY Fund Have IncreasedFrom 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
Cyprus: Changes in the Rules of Notional Interest DeductionOn 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
Cyprus Government continues to actively support businessIn 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 European Commission steps up fight against money laundering and terrorist financingThe 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
CRS and FATCA: extension of reporting deadlinesIn 2020, the deadlines for submitting financial statements in accordance with CRS and FATCA standards has changed.
May 08, 2020
CySec: Changes of the Due Date for Some Obligations in CyprusThe 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
Communication tools with Korpus Prava specialistsCurrently, 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
Professional consulting support of our specialistsTaking into account the current situation, our clients have a lot of different issues that require professional consulting support on-line.
April 13, 2020
Communication tools with Korpus Prava specialistsCurrently, 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 Concept of Tax Monitoring Development Was ApprovedThe Russian government has approved the concept of developing a tax monitoring system.
March 03, 2020
Antitrust Compliance in RussiaOn 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 has published a consultation document on the review of Country-by-Country ReportingOECD 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
Professional Tax – new tax for Cyprus companiesAt the end of 2019 Cyprus municipalities introduced a new tax for Cyprus companies called Professional Tax.