Also in the news...
Trade and services regulations in Luxembourg
If you are a UK business providing services in Luxembourg, you will need to follow Luxembourg regulations about:
If you were living in Iceland before 1 January 2021
Information for British citizens moving to or living in Iceland, including guidance on residency, healthcare and driving.
UK sanctions guidance for Uzbek businesses
Information about UK sanctions and relevant local laws to support compliance of non-UK businesses operating in Uzbekistan.
Protecting Business Reputation When Entering Foreign Markets
Expanding into new international markets presents promising growth opportunities. However, such moves come with challenges, especially when it comes to maintaining and protecting a business’s brand reputation.
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