This newsletter briefly outlines both shortly expected and recently adopted VAT changes in Cyprus, starting with the changes triggered by amendments in the main EU VAT Directive, which Member States are required to implement, then followed by specific local amendments in the VAT law or the practice of the Tax Department, as well as recently issued clarifications on certain topics. Read more
New EU laws – on digital content and on the sales of goods to be approved
New rules to better protect consumers whether they buy a product over the internet, in a local store or download music or games were approved by Parliament on Tuesday.
The new EU laws – on digital content and on the sales of goods – harmonise key contractual rights, such as the remedies available to consumers and the ways to use those remedies. They are part of the Digital Single Market strategy, which aims to ensure better access for consumers and businesses to online goods and services across Europe.
TRA joins EMOTA as a Supplier Member
We are glad to announce that our Alliance has recently joined EMOTA as a Supplier Member. EMOTA is the European level umbrella federation representing online and omnichannel trade across Europe. The main mission of EMOTA is to promote ecommerce and help policy makers remove any barriers to trade. Read more
Patent Box Portugal
The EU Application The new patent box regime model has been introduced in many EU member countries to be able to compete with similar precautions. The revenue derived from the intellectual property rights like patents, complementary protection certificates and royalties on patents will be taxed separately with a lower rate of tax than the other income of the country. Read more
Amendment to German VAT legislation (§22f UStG)
As of January1st 2019 electronic marketplace providers are obliged to document that the traders using their online marketplaces in Germany are in possession of a German Tax Certificate confirming VAT registration in Germany. The online sellers must provide a copy of this certificate to their marketplace provider. Read more
The Applicability of Quick Fixes in Spain
On January the 1st 2020 a new VAT measure package will come into force proposed by the European Commission and ratified by the European Council. Quick Fixes is a proposal of provisional measures focussed to establish a definitive VAT system, and harmonize it within the intra-community trade. Read more
Common Consolidated Corporate Tax Base (CCCTB)
In October 2016, the Commission proposed to re-launch the Common Consolidated Corporate Tax Base.
What is the Common Consolidated Corporate Tax Base (CCCTB)?
The Common Consolidated Corporate Tax Base (CCCTB) is a single set of rules to calculate companies’ taxable profits in the EU.
With the CCCTB, cross-border companies will only have to comply with one, single EU system for computing their taxable income, rather than many different national rulebooks.
Companies can file one tax return for all of their EU activities, and offset losses in one Member State against profits in another.
The consolidated taxable profits will be shared between the Member States in which the group is active, using an apportionment formula. Each Member State will then tax its share of the profits at its own national tax rate. Read more
Fair Taxation of the Digital Economy
On 21 March 2018, the European Commission proposed new rules to ensure that digital business activities are taxed in a fair and growth-friendly way in the EU.
- Proposal for a COUNCIL DIRECTIVE laying down rules relating to the corporate taxation of a significant digital presence.
- Annexes to the Proposal
- Proposal for a COUNCIL DIRECTIVE on the common system of a digital services tax on revenues resulting from the provision of certain digital services.
- Impact Assessment
- Summary of the Impact Assessment
- Commission Recommendation relating to the corporate taxation of a significant digital presence.
- Communication from the Commission
- Annex to the Communication
The Anti Tax Avoidance Directive
On 28 January 2016 the Commission presented its proposal for an Anti-Tax Avoidance Directive as part of the Anti-Tax Avoidance Package. On 20 June 2016 the Council adopted the Directive (EU) 2016/1164 laying down rules against tax avoidance practices that directly affect the functioning of the internal market.
Second income tax installments regulation in Cyprus
In accordance with the Cyprus Income Tax legislation, a Cyprus company and/or an individual person who is tax resident in Cyprus, has to pay its second income tax installment (provisional tax) by 31 December 2018 to the Department of Tax. Such amount is payable only via the website of JCC (www.jccsmart.com). Read more
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