The Corporate Transparency Act (CTA) came into effect on 1 January 2024, and it is designed to capture more information about the ownership and control of U.S. companies and foreign entities registered to do business in the U.S., by requiring them to report Beneficial Ownership Information (BOI).
The Department of Registrar of Companies and Intellectual Property announced that all Cyprus Companies and other Legal Entities should submit Beneficial Owners details to the Beneficial Owners Registry until 31 March 2024.
The Commissioner of Taxation has announced the increase of the thresholds for Local File obligation for the tax year 2022.
