Cyprus: Registry of beneficial owners; payment of central equal weight sharing agency fee
The KPMG member firm in Cyprus has prepared reports about recent tax-related developments.
The KPMG member firm in Cyprus has prepared reports about recent tax-related developments.
The KPMG member firm in Cyprus has prepared reports about the following tax-related developments.
- The Department of the Registrar of Companies and Intellectual Property invites all companies incorporated or registered under the Companies Act to register the details and information of their beneficial owners in the Register of Beneficial Owners of Companies and other legal entities maintained by the Department by 30 September 2023, in order to avoid the imposition of fines and/or the initiation of criminal proceedings for non-compliance.
- The Department of Taxation informs that—following the decision of the Tax Commissioner to allow a reasonable period of time for the settlement of the obligation to pay the 0.4% central equal weight sharing agency fee without the imposition of interest and penalties (notice dated 21 November 2022)—it has proceeded to send letters to persons who during the period 22 February 2021 to 18 November 2022 have transferred shares in a company that is an owner of real property. The letters request that by 31 October 2023, the necessary data and information be submitted to the Tax Department, and by 31 December 2023, the outstanding 0.4% fee be paid.
Read a September 2023 report prepared by the KPMG member firm in Cyprus
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