Christos A. Theophilou’s Post

🖇 In the evolving global business landscape, the concept of economic substance has become paramount, especially for jurisdictions like Cyprus that position themselves as attractive hubs for international business. The necessity for economic substance in Cyprus companies arises from a confluence of international regulatory demands, and the drive for maintaining Cyprus tax advantages. Cyprus, as a member of the European Union, must adhere to EU regulations and directives aimed at combating tax evasion, such as the Anti-Tax Avoidance Directive (ATAD) and OECD Guidelines in order to maintain the tax benefits of a Cyprus resident company. Company economic substance is therefore necessary in Cyprus for several key reasons, mainly revolving around compliance with international tax standards, maintaining tax benefits, and preventing tax evasion and avoidance, so the tax authorities so tax authorities of other countries may not dispute the tax residency of the Company in Cyprus. 🔗 Read more on our website via the link → https://lnkd.in/esBCKdRi

Did you know that as a South African expatriate, simply having a Double Taxation Agreement (DTA) between South Africa and another country doesn't automatically exempt you from taxes on foreign income? It's a common misconception that DTAs offer automatic tax relief. To ensure your foreign income is protected against double taxation, you must actively file a tax return and claim exemption under the DTA's treaty relief. The process involves determining your tax residence through the DTA, which influences where and how your income should be taxed. Take the first step to protect your foreign income – speak to one of our experts today. https://bit.ly/4awGd2W #DTA #TaxRelief #InternationalIncome #TaxationAgreements #AvoidDoubleTaxation #SouthAfricanTaxResidents

🚨 Our partners Christos A. Theophilou and Demis Ioannou spoke at the 7th Cyprus International Tax Conference, organized by IMH Business. We're thrilled to share a snippet of Christos' insightful talk on the future of tax reform in Cyprus. 🎥 Watch the video now or visit our website to see why Cyprus needs a competitive edge within the EU and how we can achieve it. 🔗 https://lnkd.in/df5UZ8FJ #taxtreaty #corporatetax #taxconsultant #transferpricing #internationaltax #taxand #stitaxand 

Moving abroad does not end your tax obligations to South Africa. It is crucial to formally update your residency status with SARS to avoid dual taxation. Understand the importance of the tie-breaker test in the Double Tax Agreement to manage your taxes efficiently. Ensure you are fully compliant - read the full article for detailed insights. https://bit.ly/4dzltJU #TaxResidency #DoubleTaxation #SARS #UKTax #SouthAfrica #TaxObligations #Expats

🌍South Africa Adopts Global Minimum Corporate Tax! South Africa is stepping onto the global stage of tax reform with a groundbreaking decision to implement the global minimum corporate tax regime. Commencing from the years of assessment starting January 1, 2024, this move underscores the nation's commitment to international tax standards while reshaping its tax landscape. 🔍 What's Changing? - Two key rules: Income Inclusion Rule (IIR) & Domestic Minimum Top-up Tax (DMTT). They ensure fair taxes for multinational companies operating there. Read the full article for details on South Africa's tax shift: https://lnkd.in/eeWKr7wY #TaxReform #SouthAfrica #GlobalMinimumTax

Foreign tax credits and rebates – taxpayer treat or trap? https://lnkd.in/dN7Z4Cik Richan Schwellnus | Tax Attorney | Tax Consulting SA | In an exciting recent development, National Treasury published a set of draft Tax and Revenue Law Amendment Bills, together with accompanying Explanatory Memorandums thereto, for public comment. These draft bills contained a host of robust proposed changes to tighten certain loopholes and inconsistencies in South Africa’s tax laws. While many of these proposed changes focus on technical aspects of our tax regulations affecting large corporates, trusts and businesses, some amendments may very well impact South African individuals. In particular, well-to-do South Africans and their professional advisers may potentially benefit in future... #tax #SouthAfrica #TaxCredit #TaxLaw #ForeignTax Richan Schwellnus Tax Consulting South Africa

Kuwait greenlights tax deal with Iraq to prevent double taxation #bne #bneEditorsPicks #Kuwait Kuwait has approved a tax treaty with Iraq to avoid double taxation and curb tax evasion on income and capital taxes, according to a report by Al-Jarida on 21 September, citing the official gazette Al-Kuwait Al-Youm. The treaty marks a significant step in the warming of economic ties between the two nations, which have been steadily improving in recent years. The agreement aims to reduce financial barriers for individuals and businesses operating across both countries, enhancing transparency in financial transactions.

US-Hungary Income Tax Treaty termination and recent developments regarding Hungary-EU confrontation, which may lead to economic sunctions on Hungary, sparks geopolitical concerns and proliferates challenges for businesses, investors, and financial institutions. This article delves into the background, tax implications, and possible actions regarding this significant development. סופן של חברות ההחזקה ההונגריות כחלק מתכנון המס הבינלאומי? מאמרנו בנושא #internationaltax #internationaltaxation #taxtreaty #GBTAX Gilad Ben Ami Ran Bigon

Foreign tax credits and rebates – taxpayer treat or trap? https://lnkd.in/di-aExhR Richan Schwellnus | Tax Attorney | Tax Consulting SA | In an exciting recent development, National Treasury published a set of draft Tax and Revenue Law Amendment Bills, together with accompanying Explanatory Memorandums thereto, for public comment. These draft bills contained a host of robust proposed changes to tighten certain loopholes and inconsistencies in South Africa’s tax laws. While many of these proposed changes focus on technical aspects of our tax regulations affecting large corporates, trusts and businesses, some amendments may very well impact South African individuals. In particular, well-to-do South Africans and their professional advisers may potentially benefit in future... #tax #SouthAfrica #TaxCredit #TaxLaw #ForeignTax Richan Schwellnus Tax Consulting South Africa

Obtaining and maintaining Cyprus Tax Residency is a crucial consideration, not only for those looking to relocate their businesses to Cyprus but also for those who need to verify their residency status each year. It’s important to understand the 60-day and 183-day rules to maximize the tax benefits available under Cyprus’s favorable regime.