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T&L D-briefs March
Stay on top of tax and legal (T&L) issues that impact your business through our bi-monthly T&L D-briefs.
In this issue, we:
- share insights from the 5th Cyprus International Tax Conference, where Deloitte Cyprus participated;
- provide the latest circulars issued by the Cyprus Tax Authorities;
- analyse the tax incentives (recently renewed) for investing in innovative SMEs;
- offer a short update on the electronic filing of Court documents; and
- cover the “Digital Nomad Visa Scheme”, recently introduced in Cyprus.
Agenda
Insights from the 5th Cyprus International Tax Conference
Deloitte Cyprus participated in the 5th Cyprus International Tax Conference, on the 15th of March.
The conference addressed the latest developments in local and international tax and Deloitte was represented by two speakers. Our CEO and president of the Institute of Certified Public Accountants (ICPAC), Pieris Markou, presented ICPAC’s suggestion in reforming the Cyprus tax system, and our Tax & Legal Services Leader and chairman of ICPAC’s tax policy committee, Antonis Taliotis, participated in a panel discussion on tax reform.
A tax reform has been a matter of discussion in Cyprus for the last few years. The discussion is putting emphasis on:
- making it simpler in its application
- more competitive and
- aligned with the latest EU & international tax developments.
Click here to see what Antonis Taliotis has to say about the matter, in this short interview to InBusiness TV (in Greek).
Local tax developments
- Latest material issued by the Cyprus Tax Department
- Clarifications for the 60-days tax residency rule
- Protocol amending the treaty for the avoidance of double taxation between Cyprus and Germany
- Protocol amending the treaty for the avoidance of double taxation between Cyprus and Switzerland
- Compensation for retrospective appointment/promotion of a public employee as a result of an annulment of a court decision
Deloitte articles
Considering the great benefits of promoting innovation in the Cyprus entrepreneurial ecosystem, the House of Parliament recently voted for the extension of a scheme, which provides tax incentives to qualifying individuals investing into innovative SMEs.
In this article, we analyse the main provisions of the scheme, which can achieve a tax saving of as high as 35%, depending on the level of an investor’s personal taxable income.
Read our short update following the Supreme Court’s announcement in respect to the full implementation of the i-justice system, for all proceedings initiated from 1 February 2022.
The article outlines the main changes introduced to the Court filing practice as well as the features of the system.
Read our article to learn about the several incentives that the “digital nomad visa scheme” provides, for people who want to enjoy the advantages of living in Cyprus, while working for companies operating outside the island.
Contact Us
For general queries and comments on Tax Webcasts, please send an email to cyprusTLdbriefs@deloitte.com.