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DAC6 reporting deadlines extended
DAC6 reporting deadlines extended The Tax Department has on 3/2/2021 announced that the provisions of DAC6 are expected to be incorporated into the Cyprus legislation this month.
Ultimate Beneficial Owners’ (UBOs) register
Ultimate Beneficial Owners’ (UBOs) register The Council of Ministers has on 16/12/2020 decided to designate the Registrar of Companies as the competent authority to maintain in Cyprus the register of ultimate beneficial owners of companies and other legal entities.
Measures announced to tackle the effects of Covid-19
Measures announced to tackle the effects of Covid-19 Annual Levy The payment of the annual levy for 2020 due by 30/6/2020 is extended until 31/12/2020 without any late payment penalties.
Registrar of Companies new administrative penalties for late filings
Registrar of Companies new administrative penalties for late filings As a result of amendments to the Cyprus Companies Law, Cap. 113 (“the Law”), the Registrar of Companies will impose administrative penalties on certain filings submitted after the due dates provided by the Law. This change will be effective from 18 December 2019.
Draft Economic Substance Code published by the BVI International Tax Authority
Draft Economic Substance Code published by the BVI International Tax Authority We refer to our note dated 16/1/2019 in relation to economic substance in the BVI and attach the draft economic substance code (the “Code”) published by the British Virgin Islands International Tax Authority (the “ITA”) on 22/4/2019.
BVI update of EU Blacklist
Update on EU Blacklist Process on Economic Substance in the British Virgin Islands (the “BVI”) The European Union (the “EU”) has on 5/12/2017 published their list of "non-cooperative" taxation jurisdictions, popularly referred to as the 'EU Blacklist'. Several of the traditional offshore jurisdictions, including the BVI, have been deemed by the EU to 'facilitate offshore structures or arrangements aimed at attracting profits that do not reflect real economic activity ('Substance') in the jurisdiction', and hence added to a grey list.