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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.
Guidance Living in Nigeria
Information for British citizens moving to or living in Nigeria, including guidance on residency, healthcare and passports.
Paul Beare Wins IR Global Member Of The Year
Paul Beare has been named Member of the Year at this year’s IR Global Conference in Amsterdam.
Cyprus – Important Amendments on Assessment and Collection of Taxes Law
On 14 July 2017 a law amending the Assessment and Collection of Taxes Law was published in the Official Government Gazette of the Republic of Cyprus. The amending law provides for the following:
Submission of tax returns
The submission of tax returns for the year 2017 and for subsequent years will be accepted only in electronic (TAXISnet electronic system) or other means approved by the Cyprus Tax Authorities.
Issue of tax assessment notices
Notices of tax assessments will be served personally or with registered or non-registered post or via electronic means.
Tax assessment after a Court decision
A tax assessment issued after a Court decision, will not be subject to the statutory time limit of 6 or 12 years (the latter in case of fraud involved).
Additional charge of 5% for late payment of tax
In addition to the monetary charge imposed when a person omits to settle its tax liabilities by the deadline specified in the Law, an additional charge of 5% on the tax due will be imposed if the omission continues more than 2 months from the payment deadline.
Administrative fines
In case a person violates the provisions of the Assessment and Collection of Taxes Law or the relevant Regulations, Notifications or Decrees, the Tax Authorities can impose an administrative fine of up to €20.000 depending on the level of the violation.
In addition, the Tax Authorities may impose fines for violating different provisions of the Decrees of the Law in relation to the exchange of information, such as non-keeping of books and records (fine of €1.500) and violating the procedure for submission of information (fine of €2.000).
At your disposal
At Fiducenter we place great emphasis on compliance with all applicable laws and regulations applicable on our clients and their Cyprus entities.
We are at your disposal to discuss the above developments with you.