Also in the news...
Foreign travel advice Indonesia
FCDO advises against all travel to parts of Indonesia.
Foreign travel advice Romania
Warnings and insurance Still current at: 24 April 2024 Updated: 23 April 2024 Latest update: Information related to drug offences and Romanian music festivals (under 'Laws and cultural differences' subheading on the 'Safety and security' page).
Foreign travel advice The Gambia
Warnings and insurance Still current at: 23 April 2024 Updated: 22 April 2024 Latest update: Ferry services between Banjul and Barra have been suspended until further notice; The Islamic Summit of the OIC (Organisation of Islamic Cooperation) will be held in Banjul on 4-5 May; road closures and delays at Banjul International Airport ('Safety and security' page).
Foreign travel advice China
Warnings and insurance Still current at: 23 April 2024 Updated: 22 April 2024 Latest update: Updated information on flooding (‘Safety and security’ page).
Guidance Living in South Korea
Information for British citizens moving to or living in South Korea, including guidance on residency, healthcare, driving and more.
Cyprus expands its Double Tax Treaty network with Lithuania & Guernsey
Cyprus, which has been long established as a solid economic and business centre worldwide, seeks to reinforce its title as a beneficial investment hub by expanding its double tax treaty network and creating stronger economic and trade relations with other Contracting States.
Double Taxation Agreement between Cyprus and Lithuania
In June 21st, 2013, Cyprus and Lithuania signed their first Double Tax Treaty. Since then, they ratified their Agreement and the new Agreement will enter into force on the 1st day of January 2015.
In summary the new provisions of the ratified agreement are:
- Dividends: No withholding tax (0%) where the recipient is a company and
- is the beneficial owner of the dividends
- owns at least (minimum) 10 % capital of the company; in a different case a 5% withholding tax shall be applicable
- Interest: No withholding tax (0%)
- Royalties: 5% withholding taxprovided that the recipient is be the beneficial owner
- Capital Gains: gains, resulting from the disposal of shares, are taxable in the country in which the alienator of the shares is tax resident
Double Taxation Agreement between Cyprus and Guernsey
On 15 July 2014 Cyprus and Guernsey signed a double taxation avoidance Agreement, which will enter into force upon the ratification of the Agreement by the two Contracting States. The Agreement is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital.
Briefly the main provisions of the Agreement between the two Contracting States:
- Dividends: 0% withholding tax
- Interest: 0% withholding tax
- Royalties: 0% withholding tax
- Capital Gains: - gains, resulting by a resident of one of the two countries (ex. A), from the disposal of immovable property in the other country (ex. B), will be taxed in the country where immovable property is situated (ex. B).
– gains, resulting from the disposal of shares, are taxable in the country in which the alienator of the shares is tax resident.