The Cyprus Tax Department announced that the submission of the personal income tax return 2020 is now available.
Obligation to submit the personal income tax return 2020 have the below tax payers whose their gross annual income exceeds the 19.500 euros
The Cyprus Council of Ministers issued a Decree on 18th of June obliging the Cyprus companies operating in the service and retail sector to accept card payments.
Following the adoption by Cyprus of EU Anti-Tax Avoidance Directive (ATAD), Controlled Foreign Company Rules (CFC) was introduced in Cyprus that may affect a number of companies. In fact a relatively small number of companies may be effected whose profits are quite high over € 750000 per annum, provided their profits are not distributed as dividends up to 7 months from the end of the accounting year. We thought that it is important to give special attention in this and remind you of the provisions of the CFC rules.