Also in the news...
Lists of confined establishments in Great Britain, Jersey and the Isle of Man approved to export or move ungulates to the EU and Northern Ireland.
Find out about Import VAT and Customs Duty when you send gifts into the UK.
Information on security and political risks which UK businesses may face when operating in Belarus.
This notice advises of revisions to the General Trade Licence Russia Sanctions - Vessels.
Notices to exporters contain important information about:
Tax Circular clarifying income eligible for 50% exemption from personal tax
We have reported several times in the past about the very attractive personal tax exemption of 50% of employment income of a non-resident person taking up residence in Cyprus to work for an employer in the country.
The exemption was introduced in 2012 aiming to attract foreign companies or groups to establish themselves or, as is usually the case, transfer their base and substance of operations in Cyprus. The exemption is available on any of the years in which such income exceeds EUR100,000 and is effective over a period of 10 years.
It was so far understood that the exemption applies strictly to employment remuneration. However, the Cyprus Tax Authorities, through Circular 2018/17 issued on 9 February 2018, clarified that the exemption is also applicable on any remuneration from acting as a Non-Executive member of the Board of Directors of the same company in which the eligible person is also acting as an Executive Director.
The Circular was issued in furtherance to several clarifications on the same matter, which were made through Circular 2017/4, which we have covered through a previous newsfeed.
Article supplied by the Fiducenter