Cyprus Introduces Amendments to the Assessment and Collection of Taxes Laws

On 31 July 2020, the House of Representatives approved amendments to the  Assessment and Collection of Taxes Laws.

Amendments to the taxation of Intangible Assets

Amendments to the taxation of Intangible Assets

Decision by the General Court of the European Union on the Apple Case for State - Aid

On 15 June 2020 the General Court of the European Union rescinded an EU order, which had required U.S. based multinational Apple to pay 13 billion euros to Ireland in tax arrears.

EU Council Agrees to Defer Tax Reporting Deadlines Under CRS and DAC 6

The Council of the European Union on 24 June 2020 announced that the EU will give Member States the option of more time to comply with certain rules on cross-border information reporting. The deferral is provided as a response to COVID-19 pandemic.

Cyprus adopts the provisions of the Exit Taxation and Hybrid Mismatches of the EU Anti-Tax Avoidance Directive

On 19 June 2020, the House of Representatives approved the implementation of the remaining two requirements of the EU Anti – Tax Avoidance Directive
(“ATAD”) i.e. the exit taxation and the rules countering hybrid mismatches within the EU.

Amendments to the Notional Interest Deduction (NID) rules in Cyprus

The main amendments of the legislation are summarized.

Russia Has Notified The OECD that Multilateral Convention (MLI) Will Enter Into Effect As From 1 January 2021

On 30 April 2020, Russia notified the OECD that it had completed its national procedures for implementing the MLI for 27 double tax treaties. The MLI becomes effective as from 1 January 2021.

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