Action 5 of BEPS requires substantial activity for any preferential regime to be evident, and its purpose is to align taxation with substance so that profits are subject to tax in the country in which value is created.
We would like to inform you that the Tax Department of the Republic of Cyprus has issued on 24 March 2015, Circular No. 190, introducing a special scheme for the VAT treatment on leasing of private aircraft used for private purposes.
We would like to bring to your attention that the Temporary Tax Assessment for 2015 is approaching. We urge you to give due consideration to the matter so as to ensure that the payment of the relevant tax liability is performed in a timely manner.
All Cyprus tax resident individuals are taxed on all income accrued or derived from all sources in the Republic of Cyprus and abroad. Individuals who are not tax residents of the Republic are taxed on incomeaccrued or derived from sources in the Republic.
Treppides Fund Services Ltd was established in 2012 with a mandate to provide the highest level of professional services, including fund formation, licensing, accounting, administration and advisory. The firm supports complex investment structures and meets the strict operational and reporting needs of fund managers.