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Update on Substance Legislation for the BVI

On 22 April 2019, the British Virgin Islands International Tax Authority (ITS) published a draft Economic Substance Code (the Code). The Code is supplementary and provides guidance on the interpretation of

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New Substance Legislation for the British Virgin Islands

In response to the requirements of the EU Code of Conduct Group, the government of the British Virgin Islands (BVI) has brought into force The Economic Substance (Companies and Limited Partnerships) Acts, 2018 (the Act) which sets out an economic substance test for tax-resident entities carrying on specified activities. The Act came into force on 1 January 2019.

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Cyprus and the UK double tax treaty

On 22 March 2018, Cyprus and the United Kingdom of Great Britain and Northern Ireland signed a new double tax treaty and accompanying Protocol (the new “DTT”).

After certain legal proceedings in both countries, the new DTT comes into effect it will replace the existing DTT between Cyprus and the UK (signed in 1974, amended by the 1980 Protocol).

Once the new DTT enters into force it will take effect:

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2018 yield rates announced by the Cyprus Tax Authorities for Notional Interest Deduction

With effect from 1 January 2015 Cyprus introduced for tax purposes an annual Notional Interest Deduction on new equity of companies. The new equity is paid-up share capital and share premium introduced to a company as from that date.

The annual NID is calculated as an interest rate on the eligible share capital / premium.

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Announcement – Press Release December 2017

The Corporate Service Providers Cypcodirect Corporate Services Ltd (’Cypcodirect’) and Ioannou & Theodoulou Limited (‘ITH’) have decided to merge their operations, as regards corporate administration services, under the umbrella of Cypcodirect.

For this purpose, Cypcodirect will now be located in the 1st Floor of the ITH Building at 4, Pindou Street, Engomi, 2409 Nicosia, Cyprus.

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Issuance of Tax Residency Certificates within the same Tax Year

On March 17, 2017, the Income Tax Department of Cyprus has announced that for the purposes of providing a better..

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Cyprus Tonnage Tax System

We wish to inform you that Circular No. 33 /2016 with subject " Cyprus Tonnage Tax System (Law 44(I)/2010): Flags which appear on the Grey List and Black List of the Paris MOU for the Fiscal Year 2016" is now available. As provided by sections 17(2), 27(2) and 40(2) of Law 44(I)/2010 and on the basis of the relevant tables contained in the Annual Report of the Paris MOU for the year 2015, the Acting Director of the Department of Merchant Shipping has decided that the flags appearing in Annex I are included in the Grey List of the Paris MOU and flags appearing in Annex II are included in the Black List of the Paris MOU.

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BVI Companies – Filing of directors’ register with the BVI registry

Due to the recent amendments to the BVI’s Anti-Money Laundering (AML), it is now a requirement that for all BVI companies the Register of Directors be filed with the BVI registry.

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Substance – A changing business landscape

The international tax landscape is changing. It is becoming increasingly clear that it is not a matter of moving from one jurisdiction to another. The initiatives undertaken by the G20 and the OECD are global in their reach and wide in their scope.

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