Webincyprus Blog

A company is considered to be a tax resident of Cyprus irrespective of its place of incorporation, if it is “managed and controlled” in Cyprus. Although no definition of management and control is provided in the tax legislation itself, this is generally accepted as being the place where the board decisions are taken, where the formulation of the strategy is made and where the directors reside. Consequently if a company is managed and controlled by resident directors and the majority of board meetings are held in Cyprus, then is taxable in Cyprus.

A Cyprus tax resident company having a permanent establishment (PE) abroad is exempted from taxation in Cyprus unless certain conditions apply (…).

The profits of foreign entity emanating from a PE in Cyprus are taxable as long as the management and control of the branch is in Cyprus (…).

For more info contact dtsoukkas@webincyprus.com

A summary of the principal taxes levied in Cyprus by the state, is listed below:

*Income tax

*Special Defence Contribution

*Capital Gain Tax

*Immovable Property Tax

*Stamp duty

*Value Added Tax

A further analysis of the above taxes will follow soon.

Cyprus has become an attractive place for investors not only for its straight forward tax legislation but also for its double tax treaties with other EU and Non EU countries. The majority of the treaties follow the OECD Model Convention although the US Treaty follows the most recent model of the United States Agreements(…).

Currently the tax treaties in force are with Austria, Belarus, Belgium, Bulgaria, Canada, China, Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland, Italy, Kubeit, Lebanon, Malta, Mauritius, Moldova, Norway, Poland, Romania, Russia, Seychelles, Singapore, South Africa, Sweden, Syria, Thailand, United Kingdom of Great Britain and Northern Ireland, United States, and Yugoslavia.

The tax treaty with Union of Soviet Socialist Republics has been adopted by Azerbaijan, Armenia, Kyrgyzstan, Moldavia, Tadzhikistan, Uzbekistan, and Ukraine.

The tax treaty with Czechoslovak Socialist Republic has been adopted by Slovakia and Check Republic.

The tax treaty with Socialist Federal Republic of Yugoslavia has been adopted by Serbia and Montenegro and Slovenia.

The tax treaties with Japan and Finland are awaiting for ratification. The treaty with Iran is still under negotiations and the talks with Indonesia have been concluded.

For more info contact dtsoukkas@webincyprus.com

As from 1st January 2003, Cyprus has amended its tax legislation in anticipation for EU assession and set up a system which is ideally suited to inbound and outbound EU investors. Cyprus is now aligned with EU directives, abolished all distinctions between international business and local companies as from the above date whilst maintaining a favourable tax regime for the international investors that includes:

* Corporate profits are taxed at 10%
* Profit on sale of shares and securities is tax free
* Repatriation of profits from Cyprus companies to non tax residents is tax free. Royalties are also tax free under certain conditions
* Group relief provisions exist
* No time on carrying forward tax losses
* No thin capitalization rules apply
* No CFC rules apply

For more info contact dtsoukkas@webincyprus.com

Demetris Tsoukkas

Maybe you have an excisting website and doesnt satisfy your needs, maybe you can not find the custom design you wanted but no one can help you, maybe you wanted to edit your website by your self but you don’t know how………

Thise are few reasons to ask webincyprus.com how and why dont i?  We are ready to answer any kind of questioner regarding your website needs, create a ticket on the support tab and we will get back to you with the right answer the solution to your problem.

Elia Demetrios

Webincyprus.com is almost there…  Due to the fact that clients are very important to us, we decided to leave webincyprus.com behind for a small period of time, so we can catch up with our clients needs.  WebinCyprus.com is back on schedule for finishing and start working normally online! hosting, domain and templates services will now be available for purchasing online.  We are open for suggestions, so anyone need to share his opinion with us is more than welcome!

Elia Demetrios

So far internet has cover up almost all the interests areas in order to come closer to it’s users with fresh and valuable informations. For those who are interested in business opportunities in Cyprus there is a new directory coming up ready to cover up the most important domains for business and other.

With a catchy name SketoNeto  is addressing to tourists, foreign business people as well for local  visitors.

That’s it for now, keep in touch and stay tuned on our blog to get it when in comes … and remember sketoneto.com