20 February 2013 - Recent Tax Updates Annual Government Levy
As from 2013, all Cyprus registered companies (without consideration of the year of incorporation) are now required to pay the Annual Government Levy of €350. The deadline for the payment is 30th June of each year.
All companies that were exempted from the payment of the Levy for 2012, are now required to pay the amount of €350 by 29 March 2013. If the Levy is paid within two months a penalty of 10% is imposed, increased to 30% if the payment is made within five months. Double Tax Treaty between Cyprus and Spain
On the 14 February 2013, a double tax treaty between Spain and Cyprus was signed. The main provisions of the new treaty are as follows:
1. Withholding tax rates: Dividends at 0% for corporate shareholders, assuming a 10% holding of the capital of the dividend paying company. In all other cases 5% applies. Interest at 0% Royalties at 0% 2. Capital Gains Disposal of immovable property will be taxed where the property is situated Disposal of shares in real estate rich companies (deriving more than 50% of value from immovable property) are taxed in the country in which the property is situated. 3. Removal from tax haven list. On the date on which the treaty will come into force, Cyprus will automatically be removed
from the Spanish "black list", which should further encourage the business relationships between the two countries. Restriction of tax losses
Tax losses will be carried forward for a period of 5 years from the end of the year in which the losses arise. Previously no such restriction existed and tax losses could be carried forward indefinitely Increase of Social Insurance contributions and retirement limit
The rate of contributions is increased by 1% to 7.8% both for employer and employee for the years 2014-2018. The age of retirement is increased from 63 to 65 years OECD Recommendations implemented
1. All persons having income from dividends or interest, whether from sources within Cyprus or not, must maintain proper books and records .
2. Companies incorporated but not tax residents of Cyprus, have the obligation to submit tax returns for every year of assessment.
Recent Tax Updates Annual Government Levy As from 2013, all ... - WTS
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