#cyprus Archives - Acute Advisory Services

UBO Registry Framework Implementation

On 6 December 2024, the Prevention and Combating of Money Laundering (Amendment) (No. 2) Law of 2024 with number L.141(I)/2024 was published, introducing the below amendments: The penalties for the omission or neglection of the filing / annual confirmation of the UBO Register will only be applicable to the legal entity itself. No penalties will additionally be applicable to each of the directors or the secretary. A director of a company, which omits or neglects its UBO filing obligations, is jointly and/or severally liable with the company for the payment of the penalty imposed on the company; The applicable penalties have been revised as follows: One Hundred Euros (€100) instead...

PROVISIONAL TAX / ΠΡΟΣΩΡΙΝΗ ΦΟΡΟΛΟΓΙΑ

The payment deadline for the 2nd provisional tax instalment for tax year 2024 is the 31st of December 2024 (there is 30 days period for the payment until 30 January). Obligation for provisional tax payment The following persons have an obligation to pay provisional tax, based on their expected annual taxable income for tax year 2024: Individuals with taxable income other than salaries, pensions, dividends and interest, and Companies with taxable income. Payment of provisional tax The provisional tax is calculated by applying the relevant tax rates (depending on whether the taxpayer is an individual or a company) on the expected taxable income for the year, after taking into account any overseas tax credits. It is payable in two...