Domestic law aligned with EU directive on mandatory automatic exchange of tax information   The recently introduced Law 33(I)/2018 amends the Law regarding Administrative Cooperation in the Field of Taxation 2012 to 2017(1) in order to align domestic law with EU Directive 2016/881/EU, which amended EU Directive 2011/16/EU on administrative cooperation in the field of taxation....Read More

Cyprus: Entry Into Force Of Cyprus – Luxembourg Double Taxation Agreement   The new double taxation agreement between Cyprus and Luxembourg, which was signed on 8 May 2017, has now been ratified by both countries. It will be applicable to taxes withheld at source on income arising after 1 January 2019 and other taxes chargeable...Read More

Central banks prepare for possible financial unrest at onset of Brexit The European Central Bank and the Bank of England will convene a technical working group on risk management in the period around 30 March 2019 in the area of financial services. The group will be chaired by the President of the ECB and the...Read More

New obligation for Spanish companies to disclose their ultimate beneficial owners On 21 March 2018, Spanish Ministry of Justice issued Ministerial Order 319/2018 that requires Spanish non-listed companies to disclose their ultimate beneficial owners (“UBO“) to the Companies Registry and keep those information updated. New UBO reporting measure is motivated by Directive 2015/849 of the...Read More

The UK Cyprus Double Taxation Convention was signed on 22 March 2018 in Nicosia A new Convention for the elimination of double taxation with respect to taxes on income and on capital gains and the prevention of tax evasion and avoidance was signed on Thursday in Nicosia, between the Republic of Cyprus and the United...Read More