With a move that has taken local practitioners by surprize the Inland Revenue Department yesterday announced that it has granted an extension for the submission of the annual tax returns for 2012. The extension comes after the entire submission of annual tax returns for companies incorporated in Cyprus has been updated from a paper based system to an electronic submissions system.
The extension has been granted for a period of two months hence effectively allowing for the late submission of annual returns without the occurence of any penalties which would otherwise be imposed on Companies incorporated in Cyprus.
Accordingly the deadline for annual return submissions has been moved to the 31 of May 2012 for the annual tax returns of 2011.
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The Cypriot chapter of the Society of Trust and Estate Practitioners (STEP) has circulated an announcement informing all it’s members that a law amending the International Trusts Law has been passed by the house of commons.
Money laundering, being the conversion of criminal proceeds into assets not being able to be traced back to the underlying laundering offence, is undoubtedly a scourge against the global financial system, sapping the legal order and institutions, corrupting the society and individuals and empowering the organized crime. It is absolutely impossible to estimate how much billions of dollars are laundered all over the world every year despite the unrelenting global efforts, and this fact alone indicates the magnitude of this phenomenon.
Cyprus has come a long way in cleaning up its act and enforce strict Anti-Money Laundering Regulations, enjoying the rewards of having an efficient domestic Financial Intelligence Unit, called “Mokas”. Read more