On 25 April, the Income Tax (Amendment) Law (No.3) of 2019 was published in the Official Gazette of the Republic of Cyprus. The amendments adopt in the tax laws provisions implementing Council Directive (EU) 2016/1164 of 12 July 2016 laying down rules against tax avoidance practices which have a direct impact on the functioning of the internal market.
ATAD harmonises rules on controlled foreign companies (CFCs), switchover rules, exit taxation, interest limitation and general anti-abuse rules.
It is important for companies to evaluate their position alongside these new requirements and to take appropriate measures.
The amendments (in Greek) can be found here at page 400.
The EU Anti-Tax Avoidance Directive (EU 2016/1164) can be found here.