We inform our clients that according to the Cyprus Income Tax Law the dates of submission and payment of the provisional tax for the year 2019 are as follows:
Submission of return and payment of 1st installment
Payment of 2nd installment – last day of revision of provisional tax (if needed)
Base Erosion Profit Shifting (BEPS) was first introduced in the OECD’s report published on 12 February, 2013 and refers to tax planning strategies that exploit gaps and mismatches in tax rules in order to artificially shift profits to low or no-tax locations where there is little or no economic activity.
The Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act) was introduced in the BVI,
effective 1 January 2019, to address the concerns of the EU Code of Conduct Group and the OECD Forum on
Harmful Tax Practices regarding economic substance.