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Major tax changes afoot for UK nationals living in Cyprus
Posted: Sun Jun 24, 2018 6:14 pm
by Paphos Life
The updated UK-Cyprus Double Taxation Agreement (DTA) signed on March 22 this year in Nicosia will have major ramifications for UK nationals residing on the island....
Read the article and chat about it below...
Re: Major tax changes afoot for UK nationals living in Cyprus
Posted: Sun Jun 24, 2018 8:38 pm
by Mrblobby
I thought this was just old news , but it could be something new .
“ Meanwhile, on June 18 the British High Commission, in conjunction with the Institute of Certified Public Accountants of Cyprus (ICPAC) and HMRC, organised a seminar to inform the Cypriot accounting community about the new UK Corporate Tax Law and forthcoming changes in UK tax legislation.
According to a press release, the event “informed the accounting profession about the new ‘Requirement to Correct’, that requires all UK taxpayers to declare to HMRC, before September 30, 2018 all their foreign income and assets, where there might be tax to pay.”
It stated that as of October 1, 2018 new, substantially higher penalties will apply to UK taxpayers who have failed to pay all the tax due on foreign income “