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Companies that have already submitted a temporary tax assessment for the tax year 2020 planning to submit a revised tax assessment before 31/12/2020 may do so through the Tax Portal launched by the Cyprus Tax Department on 26/06/2020.
In the case of a revised tax assessment where the Company’s taxable income is lower than previously estimated, then the Company may only proceed with a revised tax assessment through submitting a hard copy of the form T.D.6 to the Company’s registered tax office.
This digital taxation landscape has significant uncertainty for digital and technology businesses, but also for companies in industry sectors such as financial services, transportation and retail, and other organizations where digital transformation is a key strategy for growth. Taxation of the digital economy has become fast-moving and increasingly complex in recent years – a situation that has been exacerbated by the COVID-19 pandemic. Tax leaders from all businesses that operate in the digital domain need to be laser-focused on indirect tax and other tax considerations with regard to digital, cross-border activity. For more information, please contact us. You can read our latest article here.
Panayiotis Gregoriou, Senior Manager, Direct Tax Services
More than 80 companies have joined the strength of the Cyprus-Saudi Arabia Business Association, which is expected to play a leading role in further strengthening relations between the two countries. The association was officially founded on 14th of October 2020, providing new perspectives on trade relations between the two countries. The main objective of the Business Association is to promote, expand and encourage cooperation between the companies of the Republic of Cyprus and the Kingdom of Saudi Arabia. In addition, it strives to inform the Saudi business community of the potential for business collaborations and investments, as well as for the utilization of Cyprus as a base of business activities aimed at the markets of the EU Member States, and of other countries. Saudi Arabia is imposing an embargo on imports of products from Turkey, which opens many perspectives for Cypriot products and services. One of the first actions of the CCCI and the association is to organize a business mission in Saudi Arabia in 2021. It may be relevant to note that the two countries have concluded a number of bilateral treaties, including a treaty for the avoidance of double taxation.
Petros Krasaris, Partner, International Tax and Transaction Services
Elina , Manager, International Tax and Transaction Services
