The scheme covers income tax, VAT, special defence contribution, immovable property tax, capital gains tax, stamp duties, special contribution for employees, pensioners and self-employed persons, and inheritance tax.
The Cyprus Government in an effort to boost the competitiveness of the newly launched Cyprus Non-Domicile Scheme has recently proceeded to also amend the criteria that need to be satisfied by any individual who wishes to become a Cyprus tax resident.
The Malta Gaming Authority Publishes a White Paper Proposing Major Reforms to Malta’s Gaming Legal Framework. On the 12th of July 2017 Malta Gaming Authority (MGA) has published White Paper proposing reforms to Malta’s Gaming Legal Framework.
There were changes to the Malta Residence and Visa Programme as per Legal Notice 189 of 2017 as below:
On the 7th of June 2017 Cyprus signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“MLI”). The MLI will implement tax treaty measures in order to reduce opportunities for tax avoidance by multinational companies.
The treaty, based on the OECD model treaty, provides for the following maximum withholding tax rates on dividends, interest and royalty payments:
Mr. Ionas Nicolaou, Minister of Justice and Members of Supreme Court had decided to set up a Commercial Court from the beginning of 2018.
On the 3rd of May 2017 Cyprus signed double tax treaty with Barbados.
The Double Tax Treaty (DDT) between The Republic of Cyprus and the Kingdom of Bahrain entered into force in January 2017. The DTT is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and Capital with the aim to help attract foreign direct investment to Cyprus.