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Tax Webcast January 2019

Cyprus Tax Webcasts

Welcome to our 5 minute tax update broadcasted monthly. The aim of our tax webcasts is to provide a brief summary of local and international tax events impacting Cyprus.

Subscribe to our Tax Webcasts to be notified when a new video is out via our website or YouTube channel.

In this Tax Webcast, we cover the following topics:

1. Local tax developments

1. 1 Amending Income Tax Law providing incentives for the film industry

1. 2 Interpretative Circular 31 – Clarification for the qualifying income for the 50% exemption of section 8(23) of the Income Tax Law

1. 3 Tax Department announcement on Country by Country Reporting (CbCR)

1. 4 Decree specifying the public interest rate for 2019

2. Tax treaties update

2. 1 Amending Protocol to the treaty for the avoidance of double taxation between the Republic of Cyprus and the United Kingdom

3. International developments

3. 1 Legislation on economic substance passed in the BVIs

4.  Tax diary 

31 January 2019

-      Submission of deemed dividend distribution declaration for the tax year 2016

-      Payment of the 2nd instalment of the 2018 provisional tax, without incurring any interest, assuming no change has been made to the provisional tax declaration

     28 February 2019

-      Submission of objections issued in December 2018

5.  2019 Tax Facts Guide

-      Download 2019 Tax Facts Guide

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Disclaimer Note

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

Please note that the comments made in this presentation, to some extent, are based on material obtained from sources outside Deloitte.

This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the ″Deloitte network″) is, by means of this video, rendering professional advice or services.

No entity in the Deloitte network shall be responsible for any loss whatsoever sustained by any person who relies on this video.

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