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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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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”

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Company’s financial reporting in Cyprus: what do you need to know?

Cyprus is still considered as a highly attractive European country in terms of the applicable taxes and investment prospects. Cyprian tax rates are some of the lowest as compared to other European countries. However, it is essential to have an attentive approach to book-keeping and to timely submit accounts and declarations in order to successfully … Continue reading “Company’s financial reporting in Cyprus: what do you need to know?”