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Cyprus Tax Department Introduces Application for the Issuance of Tax Residency Certificates

December 17, 2015

A Circular has been released by the Cyprus Taxation Department, introducing an application form for the issuance of tax residency certificates for companies. The application form is a questionnaire and includes all information required by the tax authorities in Cyprus for the issuance of a tax residency certificate.

The application may be submitted by the taxpayer or its official service provider at the Companies Department of the District Office in Cyprus.

The form asks the applicant the following information:

  • The company details (e.g. company name, tax number, registered office address etc).
  • Tax residency certificate details (i.e. period/year for which the certificate is required).
  • Country of incorporation of the company and tax residency status.
  • Directors/Board meetings (e.g. information about where the majority of the meetings are held, attendees, Directors status etc).
  • Powers of Attorney.
  • Maintenance of books and records (i.e. where books, records and the corporate seal are kept, if reporting functions are performed by representatives in Cyprus, whether agreements relating to company business or assets are executed or signed in Cyprus)
  • Tax filings and payments (i.e. whether the company is up to date with its tax filings and its self-assessment tax payments).

The application form should be signed by a Director of the company applying.

The objective of this new process of issuance of tax residency certificates is to include the relevant information required by the Tax Commissioner to examine each case and determine the place where a company is managed and controlled. Where additional information may be required for the purpose of their examination, the tax examiners can request this from the applicant company at any time.

This has formalised the procedure and is expected to be more streamlined and advanced compared to previously. It is recommended that all companies in Cyprus become familiar with the questionnaire and collect the necessary information to be able to complete the relevant application in a timely manner. Cyprus is taking new steps to examine and question the nature of management and control of each company linked to BEPS action plan.

Eltoma can help you. Contact us today for assistance on filling your company’s form.

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