- Cyprus: the deadline for the introduction of a fine for late filing of a declaration on the HE32 form has been postponed
- Electronic Register of Beneficiaries in Cyprus: start date of collection of information of beneficiaries has been postponed
- Cyprus Authorities presented the new portal for online payments of the social insurance contributions
- EU list of non-cooperative jurisdictions for tax purposes was updated
- Corporate administrators can provide a new type of service
- Russia and Cyprus: Tax Agreement on New Terms
- Tax Residency in 90 Days
- The OECD has published the results of automatic exchange of information on financial accounts in 2020
- Cyprus: Since 1 of July Contributions to the GESY Fund Have Increased
- Cyprus: Changes in the Rules of Notional Interest Deduction
Electronic Register of Beneficiaries in Cyprus
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.
Registrar of Companies announced that the start date of data collection for companies is 18.01.2021. The companies will be granted a period of 6 months – until 19/7/2021 for registration of the information concerning the real beneficiaries in the system that has been developed.
The system that has been developed is an intermediate solution and access to it is possible only for the competent authorities, upon request to the Registrar of Companies.
The information collected will be transferred to the final system solution to be developed in the second half of 2021 and access to it will be based on the provisions of the 5th European Directive (EU 2018/843) dd 30 May 2018, concerning the prevention of money laundering and terrorist financing.
[translators comment: as per the cl. 33 of the said directive “Member States should … allow access to beneficial ownership information on corporate and other legal entities … through the central registers in which beneficial ownership information is set out, by establishing a clear rule of public access, so that third parties are able to ascertain, throughout the Union, who are the beneficial owners of corporate and other legal entities.”].
The companies are invited to start collecting the above information (which they should already have in their possession).
In addition, these data is kept in some cases by liable entities that provide services to companies under the provisions of Articles 2A (d), 60 and 61 of the above Law in the context of the exercise of due diligence measures and on the basis of the provisions of On the Regulation of Business Services and Related Issues Laws of 2012 to 2020. In case it is deemed necessary, the provision of legal advice is recommended.
The Registrar of Companies will return in due course with more information and the relevant link for submitting this information.
January 24, 2020Professional Tax – new tax for Cyprus companies
At the end of 2019 Cyprus municipalities introduced a new tax for Cyprus companies called Professional Tax.
May 18, 2020CRS and FATCA: extension of reporting deadlines
In 2020, the deadlines for submitting financial statements in accordance with CRS and FATCA standards has changed.
February 24, 2019Amendments to Cyprus Company Law
The Cyprus Department of Registrar of Companies and Official Receiver (ROC) announced amendments to the Cyprus Company Law.
April 15, 2020Professional consulting support of our specialists
Taking into account the current situation, our clients have a lot of different issues that require professional consulting support on-line.
February 17, 2020OECD has published a consultation document on the review of Country-by-Country Reporting
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 [...]
December 03, 2019Happy Lawyer’s Day!
December 3 is the lawyer's day in Russia. Congratulations to our colleagues on their professional holiday!
April 13, 2020Communication tools with Korpus Prava specialists
Currently, when most of us work remotely, we would like to inform you once again that all specialists of Korpus Prava remain in touch.
December 18, 2019New penalties for late submission of HE32
As we reported earlier, the Cyprus Registrar of Companies has introduced new penalties for the late submission of the Company Annual Return (HE32), effective from the 18th of December 2019. Please note that the deadline for submission of Company Annual Return (HE32) was extended until A [...]