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The Russian Federation and Cyprus sign changes to the double taxation agreement

The Russian Federation and Cyprus sign changes to the double taxation agreement Tax rates on interest and dividends in Cyprus rise up to 15% of their sum.  On the 8th of September 2020 Russia and Cyprus signed a protocol on changes to the agreement on double taxation from 1998. According to the changes withholding tax … Continue reading “The Russian Federation and Cyprus sign changes to the double taxation agreement”

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Anti-Tax Avoidance Directive and Interest limitation rule: impact on Cyprus

On January 1st, 2019 the EU Anti-Tax Avoidance Directive (Directive 2016/1164/EU) has entered into force. Also known as the “ATAD”, the main purpose of the directive is to provide consistent application at EU level of a number of recommendations arising from the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project. Among other measures that we … Continue reading “Anti-Tax Avoidance Directive and Interest limitation rule: impact on Cyprus”

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Legal Insight on the European Anti-Tax Avoidance Directive

On 1 January 2019 the EU Anti-Tax Avoidance Directive (Directive 2016/1164/EU) has entered into force to be implemented by all European member states. Also known as “ATAD”, the main purpose of the directive is to provide consistent application at EU level of a number of recommendations arising out of the OECD/G20 Base Erosion and Profit … Continue reading “Legal Insight on the European Anti-Tax Avoidance Directive”

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Second Payment Services Directive sets new rules in European banking sector

The Second Payment Services Directive, also known as PSD2, is an important new regulation focusing on retail banking across the European Union and the European Economic Area. By 13 January 2018 European banks were required to adapt technical and regulatory changes to be in compliance with the PSD2 and implement various technical solutions such as … Continue reading “Second Payment Services Directive sets new rules in European banking sector”

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Automatic Exchange of Financial Information

For a past few years many countries were active in implementing new standards for multilateral automatic exchange of financial information. As a result, governments across the world joined the Common Reporting Standard (CRS) in order to achieve tax transparency at a global level. The CRS imposes obligations both on governments as well as financial institutions … Continue reading “Automatic Exchange of Financial Information”