We would like to inform you that the first stage of implementation of the new Single Tax Administration Portal - Tax For All - (TFA), which will progressively replace (amongst others) the TAXISnet platform has been finalized and the new platform will go live on 27 March 2023.
The Management of K. Treppides & Co Ltd is committed to develop leaders who derive from own people and who pursue excellence in the provision of high quality specialised and unique services. We are pleased to announce the appointment of the following member on the Board of Management effective as of 1 March 2023.
The European Insurance and Occupational Pensions Authority ("EIOPA") published corrected updated representative portfolios that will be used for calculation of the volatility adjustments ("VA") to the relevant risk-free interest rate term structures for Solvency II.
We would like to inform you that as per the Decree No. 510/2022 published in the official Gazette of the Republic, the public interest rate imposed on any overdue or refundable taxes has been increased from 1.75% per annum to 2.25% per annum. The new rate of 2.25% is applicable as from 1 January 2023.
Potential DAC6 implications in relation to the addition of BVI, Costa Rica, Marshall Islands and Russia in EU list of non-cooperative jurisdictions for tax purposes.
The European Banking Authority ("EBA") published a no-action letter stating that competent authorities should not prioritise any supervisory or enforcement action in relation to the new banking book - trading book boundary provisions.
The European Banking Authority ("EBA") published its final revised guidelines on Deposit Guarantee Schemes ("DGS") contributions.
We would like to inform you that the Cyprus Tax Department (CTD) has added within the “Frequently Asked Questions” (FAQs) section, on its website, some clarifications in order to assist and guide taxpayers with respect to the new Transfer Pricing documentation rules which apply from 1 January 2022.
We would like to remind you about the amendments in the Special Defence Contribution Law and the Income Tax Law, which are effective as from 31 December 2022, regarding the imposition of withholding taxes under certain conditions upon the payment of dividends, interest or royalties by a Cyprus tax resident company to companies in jurisdictions included in the EU Blacklist of non-cooperative jurisdictions, and the tax residency of Cyprus companies.
The European Banking Authority ("EBA") has updated some of its existing Q&As on own funds and eligible liabilities to ensure consistency with the revised final draft Regulatory Technical Standards ("RTS") on own funds and eligible liabilities submitted to the European Commission in May 2021.
The European Banking Authority ("EBA") launched a public consultation on its draft Implementing Technical Standards ("ITS") on supervisory disclosures.
The European Banking Authority ("EBA") launched a public consultation on its draft Implementing Technical Standards ("ITS") on supervisory reporting with respect to Interest Rate Risk in the Banking Book ("IRRBB").
We would like to bring to your attention that on the 18th of February 2020, the European Council adopted a new legislative package which requests payment service providers (PSP’s) to transmit information on cross-border payments originating from Member States and on the beneficiary (the payee) of these cross-border payments. This new legislative package comes into effect on 1st of January 2024.
We would like to bring to your attention that on the 17th of January 2023, the Department of Taxation (DoT) issued an announcement informing the taxpayers regarding the implementation of the new platform “Tax For All” (TFA) which will gradually replace the existing platform “TAXISnet”.
We would like to remind you of the deemed dividend distribution (DDD) provisions of the Special Contribution for the Defence Law (SDC) that apply on the 31st of December 2022, and for which there is a reporting deadline on 31st of January 2023.
The European Banking Authority ("EBA") published an opinion on the draft European Sustainability Reporting Standards ("ESRS") developed by the European Financial Reporting Advisory Group ("EFRAG").
Further to our previous newsletter Issue 05/2021 regarding the imposition of a 0.4% levy on the sale of Cyprus immovable property, we would like to inform you that an amending law has been published in the Official Gazette providing clarifications on the collection of the levy.
The European Banking Authority ("EBA") published its annual quantitative Report on minimum requirement for own funds and eligible liabilities ("MREL") with data as of December 2021.
We would like to inform you that the Commissioner of Taxation has issued Circular 1/2023 clarifying that, as from 1 January 2022, Circular No.3, dated 30.06.2017, and Circular No. 5, dated 2.1.2019, in relation to intra-group “back-to-back” financing transactions, are terminated and their provisions will no longer apply.
The European Banking Authority ("EBA") published its quarterly Risk Dashboard together with the results of the autumn edition of the Risk Assessment Questionnaire ("RAQ").
The European Insurance and Occupational Pensions Authority ("EIOPA") published technical information on the relevant risk-free interest rate term structures ("RFR") with reference to the end of December 2022.
The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, has published the 2022 European Single Electronic Format ("ESEF") XBRL taxonomy files and an update to the ESEF conformance suite to facilitate the implementation of the ESEF Regulation.
The European Banking Authority ("EBA") published its final draft Regulatory Technical Standards ("RTS") on the identification of a group of connected clients ("GCC") under the Capital Requirements Regulation ("CRR").
The Council of Ministers of the Republic of Cyprus has issued an order, amending the 8th Schedule of the Cyprus VAT Law N95(I)/2000 (VAT Law), which is referring to the VAT exemptions applicable on the supply of immovable property. The below amendment is effective as from the 11th of November 2022, the date that it was published in the official Gazette of the Republic of Cyprus.
We would like to remind you that the submission deadline for the following Country-by-Country (‘’CbC’’) reporting obligations is on 31st December 2022:
The European Banking Authority ("EBA") published a thematic review on the transparency and level of fees and charges levied by financial institutions ("FIs") on the retail banking products in the EU.
The European Banking Authority ("EBA") launched a public consultation on new guidelines on the effective management of money laundering and terrorist financing ("ML/TF") risks when providing access to financial services.
The ESMA, the EU’s financial markets regulator and supervisor, is publishing the Final Report on the 2022 update of guidelines on MMF stress tests under the Money Market Funds Regulation ("MMFR").
The European Banking Authority ("EBA") published its final guidelines on the use of remote customer onboarding solutions.
The European Banking Authority (EBA) launched a public consultation on its draft guidelines addressed to institutions and resolution authorities on resolvability testing.