The FAQs provide some basic guidance on certain aspects of the new Transfer Pricing documentation rules that were introduced last year. The free yearly calendar features the list of holidays in Cyprus for the year 2021. We would like to remind you that the 31st of December 2022 is the submission deadline for the following Country-by-Country (CbC) Reporting obligations in Cyprus: We would like to inform you that a Decree (No.315/2022) was issued today in the Official Gazette which extends the deadline for the electronic submission of the 2021 Personal Income Tax returns (TD1) up to 31 August 2022 as well as for the payment of the final tax due. Open Enrollment Applications are available at all schools, and are processed in the order received. 423/2022) was issued in the Official Gazette, amending the 8th Schedule of the VAT law in relation to the supply of Immovable Property. For more details, you can refer to our previous tax alert. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. These dates are unlikely to be modified by the Ministry of Education and Culture. Further to our previous alert on the transposition of EU Council Directive 2018/822 (DAC6) into domestic legislation, a Decree (available only in the Greek language) was published in the Official Gazette on 29 October 2021, setting out guidelines for the application of the Law. Please take a short survey and let us know how we're doing. As a Premium user you get access to the detailed source references and background information about this statistic. This position is higher than both 2020 and 2019. Download the full alert for more information. This free calendar template by General Blue starts on Sunday. Click the link above to subscribe to the Cyprus Calendar. This means that, unlessa company has distributed at least 70% of its after tax profits (as adjustedfor DDD purposes) until 31/12/2020, the DDD provisions will apply and aliability for SDC and GHS contributions will arise. With the amendment, new criteria are applied to determine whether the supply of a building and the land transferred therewith is considered as a taxable or an exempt supply. On 3 February 2021, the Cyprus Tax Department announced that the EU Council Directive 2018/822, commonly known as DAC6, is expected to be transposed into domestic legislation within the current month. 0000002864 00000 n It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. This Sunday start yearly calendar is available in portrait layout which can be downloaded as PDF, Microsoft Word, or Excel. 3rd Quarter. We would like to remind you that 31st December 2018 is the submission deadline for the following Country-by-Country (CbC) Reporting obligations in Cyprus: : Deloitte would like to remind you that the submission deadline for the provisional tax return for 2018 is the 31st of July 2018. You need at least a Starter Account to use this feature. 0000023840 00000 n Please enable JavaScript to view the site. Reportable cross-border arrangements (RCBAs) that were implemented, RCBAs for which secondary intermediaries provided aid, assistance or advice, between. We would like to remind you that the deadline for the payment of the first provisional tax instalment for tax year 2019 is the 31st of July 2019. Customize and add your events, schedules, and reminders. As a reminder, a contribution of 0,4% is imposed on the sale ofimmovable property located in the areas controlled by the Republic and on thesale of shares in a company that owns such immovable property, provided thatthe buyer takes control of the company. Finally, if the tax balance is not settled within two months after the deadline date, an additional 5% penalty may be imposed. API users can feed a custom application. Tourists refer to inbound tourists staying in Cyprus for at least one night. What profits are within the scope of the DDD provisions? Furniture, Household Goods and Maintenance; Health; Recreation and Culture; Communication; Education and Alcoholic Beverages and Tobacco account for the remaining 30 percent of total weight. Law Regulating the Settlement of Overdue Taxes (the Law), offering part relief from interest and penalties. Country's Share of World Pop: Total population in the country as a percentage of total World Population as of July 1 of the year indicated. This colorful 2021 calendar with CY holidays features a streamlined design with minimal borders and light colors highlighting the quarters of the year. The FAQs relate to Interpretative Circular 3 (the Circular) which was issued in 2017 in respect of intra-group financing activities of a back-to-back nature. Statistical Service of the Republic of Cyprus. According to the amendment, effective from 26 June 2019, the SDC rate applicable on interest income received by Cyprus tax resident domiciled individuals from corporate bonds is reduced from 30% to 3%. A few celebrate Assumption Day at other times of the year. Th c, TP. It is great for those who are looking for an online calendar to view or download on their computer. So, for example, the 2023 tax year begins on 1 January 2023 and ends on 31 December 2023. This one-page yearly calendar starts on Sunday. Individuals with taxable income other than salaries, pensions, dividends and interest, and, Electronic submission of the 2020 Corporate Income Tax return (TD4), and. On 9 March, Cyprus confirmed its first two cases: a 25-year-old man from Limassol who had returned from Italy and a 64-year-old heart surgeon from Nicosia who had returned from a medical convention in England and had been treating patients while infected. plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Submission of CbC Notifications for the 2021 Reporting Fiscal Year (in respect of MNE groups which have a year end of 31 December 20211). The tax incentives aim to boost entrepreneurship, support start-ups in developing innovative products and services and strengthen the Cypriot entrepreneurial ecosystem. The purpose of the amendment is toexpand the existing framework of attracting employees from abroad. The 2018 TD4 includes two new important requirements in Part 3, relating to transfer pricing as shown below. Electronic submission of the 2020 personal income tax return (TD1A) of individuals and payment of the final tax due as per the relevant income tax return; Electronic submission of the 2020 employers tax return (TD7); Payment of the second instalment for the 2020 provisional tax. This Sunday start calendar is designed with months being highlighted in a light blue color for easier visibility. HV7+Gfx> e YSdwj!] As mentioned in our previous tax alert, the following persons have an obligation to submit a provisional tax return: The Tax Department has recently published an Informative Guide, in the Greek language, which explains the tax treatment of certain benefits offered by employers to employees and persons who hold or are deemed to hold an office. Cyprus adopted the euro as its official currency on 1 January 2008, replacing the Cypriot pound at an irrevocable fixed exchange rate of CYP 0.585274 per 1.. Online Placement Exam (More Info: ncc.metu.edu.tr/sfl/general-information-about-epe), Mathematics Proficiency Exam (TRNC Local Time 09:00), Classes commence ( English Preparatory Program), Interactive course registrations and advisor approvals (Undergraduate and Graduate Programs), CNG 100 Exemption Examination (TRNC Local Time 09:00), Classes commence (Undergraduate and Graduate Programs), Deadline for the approval of the Fall Semester grade corrections and resit exam grades submitted by academic staff (for approval of the Heads of Academic Boards by: 23:00), Applications of graduate students for English Proficiency Examination (The program will close on 19 April 2023 at 17:00) * For graduate program applicants who are METU students and students outside METU Detailed information about the exam can be found at ncc.metu.edu.tr/sfl/english-proficiency-exam, NATIONAL HOLIDAY (National Sovereignty and Children's Day)(Sunday), METU English Proficiency Exam Time: 10:00 * For graduate program applicants who are METU students and students outside METU * Detailed information about the exam can be found at ncc.metu.edu.tr/sfl/english-proficiency-exam, Deadline for the Academic Boards to submit detailed information to the Registrar's Office concerning the undergraduate and graduate courses to be offered in the 2023- 2024 Fall Semester, NATIONAL HOLIDAY (Commemoration of Atatrk & Youth and Sports Festival, Friday), Applications for English Proficiency Examination bearing date 20 June 2023 (The program will close on 14 June 2023 at 17:00) * * For Transfer applicants outside METU (additional article 1, METU Transfer Directive) * Detailed information about the exam can be found at ncc.metu.edu.tr/sfl/english-proficiency-exam, Last day of classes; undergraduate and graduate programs (excluding thesis work and specialization field courses), Submission of Incomplete (I) grades (by 24:00), METU English Proficiency Exam Time: 10:00 *English Preparatory Program students who have a right to take the exam with regard to related regulation. You may create your own calendar using our This simple and classic design is one of the recommended versions for those who are looking for a printable calendar since it helps conserve toner or ink when you print. trailer Following recent amendments to the Cyprus Companies Law, Cap. income. limit for certain allowances which are deductible from an individuals taxable In accordance with an announcement made by the Cyprus Registrar of Companie on 8 July 2021, the deadline for payment of the 2021 annual company levy has been extended from 30 June 2021 to 31 December 2021. Download this 2020 and 2021 calendar and enjoy having a split view of a 2 year calendar with the years listed side by side. The Cyprus holidays calendar for 2021 is useable for those who are looking for an editable calendar, desk calendars, or any 12-month calendar for display. *Data for March 2012 and January 2013 are based on estimations. This development is one of the tax incentives included in the Action Plan that was announced back in October 2021. 603) payments, the Tax Department has announced that the deadline is extended to 31 March 2022. 0000025810 00000 n Early open enrollment period for the 2021/2022 school year begins on Tuesday, December 1, 2020 and ends on Friday, February 19, 2021. Further to our previous alert on the non-imposition of administrative fines for overdue submission of DAC6 information until 30 June 2021, the Tax Department (TD) has announced that this period is extended to 30 September 2021, in the following cases: On 17 May 2021 the Tax Department issued Implementing Guideline 15/2021, providing clarifications with respect to the tax treatment of the impact on the financial statements from the application of IFRS 9, IFRS 15 and IFRS 16 for both Income Tax (IT) purposes and the calculation of Special Defence Contribution (SDC) on Deemed Dividend Distribution (DDD). Multiple styles are available for free download, The Directive will be published in the Official EU Journal and will come into force 20 days thereafter. The amending Law on Administrative Cooperation in the field of taxation is expected to be published in the Official Gazette in the coming days. The crude birth rate is 9.78 per 1000 people. Health Office: 714-220-4192. Keep up with the latest by browsing live, upcoming and past games. 14 0 obj <> endobj 0000008672 00000 n 714-220-4177. On 5 April 2019, the House of Representatives voted into law the provisions of the European Council Directive for the adoption of rules against tax avoidance practices that directly affect the functioning of the internal market (known as Anti-Tax Avoidance Directive ATAD). The amending SDC law was published in the Gazette on 8 June 2022 and is effective as from that date. 0000000016 00000 n 0000010611 00000 n We have a plan for your needs. Cng Ty TNHH u T Quc T Nam An, 21 Tho in, Phng Tho in, TP. All rights reserved. If you need help accessing this website, or you would like to provide feedback or report a concern, please contact our Communications Office, (385) 646-4529. Some holidays and dates are color-coded: Red -Federal Holidays and Sundays. The law was published in It is soon expected that the Informative Guide will also be issued in English in the official website of the Tax Department. We are at your disposal to discuss these developments with you and how these affect your business. We would like to inform you that the Cyprus Tax Authorities (CTA) have recently published the 2018 Corporate Income Tax Return (TD4) which you can find here for your reference. <<567999D004C702449A19F92D23A947B9>]/Prev 44668>> 0000006494 00000 n Deadline for the Academic Boards to submit detailed information to the Registrar's Office concerning the undergraduate and graduate courses to be offered in the 2021-2022 Spring Semester: 20.12.2022 - 20.12.2022: METU English Proficiency Exam (For students applying to graduate programs). The calendar is a single page which includes the list of 2021 Cyprus holidays. The amendment was voted to support the Cyprus economyfollowing the COVID-19 outbreak and provides a tax incentive to landlords (individualsor companies) so as to voluntarily reduce the rent charged to tenants. Many of the top hotels have . On 25 January 2021, the Tax Department issued Implementing Guideline 7/2021, which extends the provisions of Implementing Guideline 4/2020 for the year 2021 (analysed in our previous alert), for the period that the COVID-19 related restrictions continue to apply globally. We would like to remind you that the deadline for the electronic submission of the declarations for SDC and GHS contributions withheld on interest and dividend payments, made during the period from 1 January 2019 until 31 December 2021, is the 31st of January 2022. Unlike other basic calendars, this one has a cool color scheme which highlights the holidays for both 2020 and 2021. The 12-month single page calendar is available in Microsoft Word, Excel, or PDF format. you can easily email or print your event calendar with your co-workers and friends. Cyprus Tel. In accordance with a Decree issued on 5 June.2020, the deadlines for the electronic submission of the 2019 personal income tax returns TD1 - Employee and TD1 - Self-emploed, are extended to 30 October 2020. Following its publication, on 28 August, the Tax Department issued a clarifying Circular (Circular 46) with regards to the practical application of the law. Counseling Office: 714-220-4178. We would like to inform you that on 18 December 2018 the Cyprus Tax Department has announced that the submission deadline for Country-by-Country (CbC) Reports for the 2017 Reporting Fiscal Year has been extended from 31 December 2018 to 31 January 2019. 373/2022) was issued in the Official Gazette which exempts individuals with gross annual income below 19.500, from the obligation to submit a personal income tax return (Form T.D.1) for tax year 2022. On 26 July 2022, an amending law was published in the Gazette with respect to the income tax exemptions for employment income, provided in Articles 8(21) and 8(23) of the Income Tax Law. We are at your disposal to discuss the above and advise youof the potential impact on your activities. 436), which was published in the Official Gazette on 27 October 2021. Following the first phase of the newly introduced healthcare system in Cyprus, which came into force on 1 March 2019, we would like to inform you that as from 1 March 2020 the contribution rates to the GHS will increase. MIDDLE EAST TECHNICAL UNIVERSITY NORTHERN CYPRUS CAMPUS 2022 - 2023 ACADEMIC CALENDAR. The following persons have an obligation to submit a provisional tax return: On 29 June 2018, the Parliament voted for an amendment to the Law Regulating the Settlement of Overdue Taxes. The purpose of the new measures is to prevent aggressive tax planning and make the tax framework fairer and more effective. This free calendar template by General Blue starts on Sunday. Current job openings: April 2023 Data - 1951-2022 Historical - May Forecast, Statistical Service of the Republic of Cyprus, Cyprus Industrial Production Rebounds in February, Cyprus Construction Output Fell for 6th Quarter, Cyprus February Retail Sales Growth Rises to 7.3%, Cyprus More Divided after Presidential Election, Australia Commodity Prices Drop the Most in 7 Years, Euro Remains Close to 1-Year High Ahead of ECB Meeting, Kazakhstan Current Account Swings to Deficit in Q1, Australian Shares Climb as Energy Stocks Lift, Chinese Yuan Slides in Thin Holiday Trade, India Factory Activity Growth at 4-Month High, Japan Consumer Sentiment Hits 15-Month Peak, Australian Dollar Rises Ahead of RBA Meeting. On 15 February 2021, the Cyprus Tax Authorities (CTA) issued a new Implementing Guideline (IG 10/2021) to clarify that there is no obligation for taxable persons who carry out or will carry out taxable transactions in Cyprus and are based in the United Kingdom, to appoint a VAT fiscal representative or provide a bank guarantee to the CTA. The measures are in line with the recommendations of the Organisation for Economic Co-operation and Development (OECD) within the framework of Action 13 of the Base Erosion and Profit Shifting (BEPS) project. Following our alert on the preliminary tax and VAT measures announced by the Cyprus Government following the Coronavirus outbreak (Issue 05/2020 dated 16/03/2020), the Cyprus Parliament proceeded with the voting of the relevant tax and VAT laws on 27 March 2020. March 11, 2022. On 18 March 2021 the Cyprus Parliament voted into law the provisions of the EU Council Directive 2018/822 (the Directive), known as DAC6. Download the full alert which includes a table with the increases in contribution rates per category and the income limit. Further to our previous alert, covering the latest amendments introduced in the Assessment and Collection of Taxes law (ACTL), we would like to remind you of the following upcoming deadline for submitting revised tax returns for tax years up to and including tax year 2015: 20 February 2021. The 2021 Cyprus free calendar with holidays features a stylish dark blue calendar design which is great for viewing online or saving on your mobile/desktop. Deadline for the Spring Semester thesis examinations. As a Premium user you get access to background information and details about the release of this statistic. Download the full alert for the relevant clarifications. The year 2020 is a leap year, with 366 days in total. On 26 June 2019 an amendment to the Special Defence Contribution (SDC) Law was published in the Official Government Gazette. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. Imposition of zero VAT rate on goods related to COVID-19 and the reinstatement of the 9% VAT rate in relation to the provision of accommodation in the hotel sector, restaurant and catering services and passenger transportation. Followingthe partial adoption of the EU Anti-Tax Avoidance Directive of 12 July 2016 (ATAD I) in 2019, on 19 June 2020 the Cyprus Parliament voted into law the remaining provisions of ATAD I, as wellas the provisions of the EU Anti-Tax Avoidance Directive of 29 May 2017 (ATAD II). Download the full alert for more details on payment obligations. METU English Proficiency Exam (For students applying to graduate programs). World Press Freedom Day focuses on the importance of the freedom of the press and freedom of expression. Global Rank: Position held by Cyprus in the list of all countries worldwide ranked by population (from the highest population to the lowest population) as of July 1 of the year indicated. Download the full alert for further details. EU Member States, including Cyprus, will then have 18 months to transpose it into national law. On 11 December 2018, an amendment to the Income Tax Law (ITL) was published in the Official Government Gazette, providing tax incentives to companies involved in film productions. Download the full alert for further details. Implementing Guideline 4/2020 ( ) (IG 4/2020) to clarify the application of Article 2 of the Income Tax Legislation (ITL) relating to tax residency and permanent establishment (PE). Electronic submission of the 2019 Corporate Income Tax return (TD4), and. Apply today. endstream endobj 15 0 obj <>>> endobj 16 0 obj >/PageWidthList<0 595.276>>>>>>/Resources<>/ExtGState<>/Font<>/ProcSet[/PDF/Text]>>/Rotate 0/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 17 0 obj <> endobj 18 0 obj [/Separation/PANTONE#20200#20C 30 0 R<>] endobj 19 0 obj [/Separation/PANTONE#20Cool#20Gray#2011#20C 30 0 R<>] endobj 20 0 obj <> endobj 21 0 obj <>stream Download the full alert for a description of the amendments and how these may affect you. Following our taxalert in July 2018 (edition 10/2018), relating to the Law Regulating the Settlementof Overdue Taxes, we would like to inform you that on 14 February 2020 a lawwas published in the Government Gazette which provides amendments to the Law. Cyprus has announced that inbound travelers who have been vaccinated for Covid-19 will be exempt from quarantine and Covid testing as of March 2021. that apply on 31 December 2019. Submission of CbC Notifications for the 2018 Reporting Fiscal Year (in respect of MNE groups which have a year end of 31 December 2018). Contributors who have paid GHS contributions on totalamounts of income in excess of 180.000 per annum have the right to a refundand can exercise their right by submitting the relevant application form to theHIO. The recent outbreak of COVID-19, is proving to be an unprecedented challenge for humanity. "Number of International Tourist Arrivals in Cyprus from 2005 to 2021 (in 1,000s). We would like to inform you that there has been a change with The instalment option is available provided the taxpayers submit their VAT returns on time. Cyprus is ranked 158th in terms of population and 143rd in terms of population growth rate. In response to COVID-19, the Cyprus Council of Ministers issued a decree on 16 April 2020 that changes: The decree affects only businesses that have received an email message from the Tax Department informing them of the changes to their compliance obligations (at the e-mail address as registered in the TAXISnet system). 113 (the Law), the Registrar of Companies will impose administrative penalties on certain filings submitted after the prescribed timeframes as provided by the Law. 0000026776 00000 n The intention of the Council is to give the Tax Authorities of the Member States the right instruments to detect possible e-commerce VAT fraud carried out by sellers established in another Member State or in a non-EU country. On 24 January 2022, the Cyprus Tax Department (CTD) uploaded a new Frequently Asked Questions (FAQs) section on its website with respect to Transfer Pricing. World Population: Total World Population as of July 1 of the year indicated. As of this date, manual payments of contributions to the District Offices will not be accepted. These provisions do not apply to the proportion of profits that are ultimately attributable to shareholders which are non-Cypriot tax resident individuals or Cypriot tax resident individuals that are not Cypriot-domiciled (see further below though, on obligation to withhold GHS contributions).
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