Based on the announcement of the UK Government, and as per the new Economic Crime (Transparency and Enforcement) Act. 2022 https://www.gov.uk/guidance/register-an-overseas-entity#what-the-register-of-overseas-entities-is overseas entities holding or intending to buy real estate in the UK must register on the Register of Overseas Entities (ROE) which is maintained by the Companies House, the ultimate beneficial owner or managing or director.
The House of Representatives voted amendments to the Articles 8(21) and 8(23) of the Income Tax Law (ITL) related to the income tax exemptions granted to employees who take up first employment in Cyprus. The amended provisions of the Law have been published in the Government Gazette on 26 July 2022.
The Cyprus Parliament, on 30th of June 2022, voted amendments to the Income Tax Law introducing detailed rules for the Transfer Pricing legislation. The legislation is effective from 1 January 2022, and it actually incorporates the OECD’s TP Guidelines into the Cyprus legislation.
