The fiduciary services industry in Cyprus has entered a new regulatory and operating environment following the enactment of the long‑anticipated tax reform. The reform, which came into effect on 1 January 2026, represents the most comprehensive overhaul of the Cyprus tax system in more than two decades. For fiduciary service providers, the reform is not…
When the European Green Deal was launched in December 2019, it set the tone for the EU to be a world leader in addressing climate change issues. The comprehensive plan aimed at making the European Union climate-neutral by 2050, with at least 50% greenhouse gas emissions cut by 2030. Roll forward to 2025 and the…
To meet GHG reduction levels, the number of flights globally will need to be significantly reduced. There are a number of implications. Firstly, the more people who migrate to other countries, the more people will need to travel back to visit family and friends, and the more consequent travel will be required. This will be…
We are pleased to bring you Issue 35 of Tax Refresher, our bi-monthly newsletter designed specifically for large corporate and international businesses, which aims to keep you updated on the latest developments and challenges in the global tax landscape. In this issue of Tax Refresher, you will find the below insights: Feature: Public Country-by-Country Reporting…
Further to the recent amendments to the Assessment and Collection of Taxes Law, introduced in the context of the Cyprus tax reform and effective as from 1 January 2026, revised administrative penalties will apply for the late submission of corporate income tax returns Tax Flash – Increased Penalties for Late Filing of Corporate Income Tax…
The tax authorities have issued guidance on compliance obligations under the Global Minimum Tax framework, as implemented through Law 151(I)/2024, covering multinational and large domestic groups for financial years beginning between 31 December 2023 and 31 December 2024. The tax authorities confirm that a Group of Multinational Enterprises (MNEs) that falls within the scope of…
On 10th of April 2025, the House of Representatives passed amendments to the Income Tax Law and the Special Defence Contribution Law, introducing withholding taxes on payments of royalties, dividends and interest, made to a company which is tax resident in a country included in the EU blacklist or to a company incorporated in any…