Introduction We would like to remind you of the deemed dividend distribution (DDD) provisions of the Special Contribution for the Defence Law that relate to the tax year 2023. Profits subject to deemed dividend distribution Companies are deemed to have distributed to their resident shareholders 70% of their accounting profits, after taxes and certain adjustments,…
A Gateway to International Shipping Cyprus has established itself as one of the world’s leading maritime centres, offering a strategically located gateway between Europe, Asia and the Middle East. As an EU Member State with one of the largest ship registries in Europe and one of the largest third-party ship management centre in the European…
Cyprus – Two important transfer pricing developments effective from tax year 2026
Back in the spring, Cyprus’ tourism industry faced a difficult and uncertain outlook. The sharp decline in arrivals during March and April raised concerns across the sector and forced many businesses to revisit their forecasts and contingency plans. Fast forward a few months and the picture is much more encouraging. According to the latest CYSTAT…
Tax Flash Cyprus Tax Department Extension of Deadline without Penalt
The latest CYSTAT figures show tourist arrivals for the year 2026 up to April down 27.6% compared to the same period in 2025. The regional instability in the Middle East has directly affected nearby markets especially Israel, which dropped by 74.8% while our traditionally primary market, UK, saw a decrease of 21.8%. Further to the…
From Disclosure to Scrutiny: A Turning Point for the SEE Energy Sector The first cycle of Corporate Sustainability Reporting Directive (CSRD) implementation has exposed a critical reality across South-East Europe (SEE): while alignment with EU sustainability objectives is widely acknowledged, operational readiness remains uneven. For energy companies in Romania, Greece, Bulgaria, Cyprus and Moldova, the…
For many non-profit organizations (NPOs), preparing consolidated financial statements is not always straightforward. Unlike the corporate sector, where ownership is often the determining factor, consolidation under IFRS 10 Consolidated Financial Statements is based on control. This distinction frequently creates challenges, particularly for organizations operating through foundations, charitable trusts, subsidiaries, or affiliated entities. In practice, one of the most common misconceptions is that an entity…