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T&L D-briefs July

T&L D-briefs July

Following the introduction of transfer pricing (TP) documentation requirements, effective from 1 January 2022, Irene Marangou (Manager) and Koralia Drakou (Assistant Manager) briefly explain the provisions of the new rules and how Deloitte can support you. 



Local Tax developments
  • New income tax exemptions to attract talent

 On 26 July 2022, an amending law was published in the Gazette with respect to the income tax exemptions for employment income. The amending law was voted in the context of the Government’s strategy to attract and retain foreign talent to Cyprus. For more details click here.

International Tax developments 
  • European Commission publishes Annual Report on Taxation 2022

Τhe European Commission has published its Annual Report on Taxation 2022. The report describes the most recent reforms in terms of taxation and provides information on the EU’s main tax priorities. The accompanying document, Taxation trends in the EU Report, provides key taxation indicators and data on tax revenues by type of taxes both for the EU as a whole and at the level of individual member states.

  • Czech EU Presidency outlines priorities in terms of taxation

    Czech Republic will hold the Presidency of the Council of Europe until the end of 2022. The Presidency (among other) intends to reach agreement on EU rules for a global minimum tax on large multinationals. For more details click here.
Deloitte articles

The “new norm” of remote working is pushing many Cypriots to consider moving back home.

One needs to assess many factors before taking such a decision, including the tax impact. 

This article summarises (new and existing) tax incentives and other relevant considerations that people who wish to move from the UK to Cyprus should consider.

The new law on the Establishment and Operation of the Commercial Court and the Admiralty Court, establishes two new specialist courts, which aim to efficiently resolve commercial and admiralty disputes.

This is expected to strengthen Cyprus’ competitiveness as a centre for the provision of quality services.

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