On 1 February 2024, the tax department announced revised thresholds regarding the obligation to prepare a Cyprus Local File for transactions falling under Article 33 of the Income Tax Law (“ITL”), i.e., intercompany transactions.
The circular outlines the tax treatment of income received from properties rented out via online platforms, such as Airbnb and Booking, or a website, such as self-service resorts, which are registered with the Deputy Ministry of Tourism.
The evolving landscape of digital assets and the significant crypto market growth has signalled an essential response from the European Union (EU) to ensure effective tax compliance. This has led to adopting a directive (DAC8) that amends the EU rules on administrative cooperation concerning tax matters. This directive seeks to strengthen the current legislative structure.
Recent Updates on the EU list of non-cooperative jurisdictions whi is a list of countries and territories the EU considers non-compliant with international tax standards and transparency.
The EU list of non-cooperative jurisdictions is a list of countries and territories the EU considers non-compliant with international tax standards and transparency.
TP in the context of taxation refers to the rules and methods for setting the prices at which goods, services or property are exchanged between connected parties.
Digital Nomads and their lifestyle have become a trend in recent years, with the pandemic and the lockdowns being among the main factors contributing towards this development. Cyprus is rapidly developing into one of the most popular destinations for digital nomads, and for a good reason. It has some of the most affordable housing options