English (United Kingdom)

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.

From January 1st 2020 it is expected to take into force the new DTT singed between Cyprus and Kazakhstan. The agreement was signed and ratified on the 15th of May 2019 and is expected to provide new investment opportunities and better protection to tax residents of the two countries. 

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CYPRUS TAX CALENDAR 2020 IN ENGLISH & GREEK