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Corporate Tax

04 December 2020
Elena Christodoulou Tax Department clarifies tax status of permanent establishments and legal persons during COVID-19 pandemic

Cyprus - Elias Neocleous & Co LLC

The COVID-19 pandemic has led to the imposition of various measures on a global scale which have inevitably put restrictions on the physical presence of persons at their workplaces. This has raised concerns in relation to the permanent establishment of businesses and the tax residence status of legal persons. The Organisation for Economic Cooperation and Development recently issued general guidelines for the interpretation of possible tax issues caused by the COVID-19 pandemic.

Authors: Elena Christodoulou, Andrea Constantinou
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Anat Shavit Challenges in taxation of oil and gas partnerships

Israel - Fischer Behar Chen Well Orion & Co

Recent years have seen a significant increase in publicly raised capital on the stock market by partnerships engaged in oil and gas exploration, which presents challenges due to existing tax legislation in Israel. In general, the process established in the law creates a distortion under which present partners will pay additional tax for past partners who benefited from the partnership's profits in a particular year.

Authors: Anat Shavit, Yuval Peled
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Valery Narezhniy New tax system for controlled foreign corporations

Russia - Gorodissky & Partners

Federal Law 368 of 11 September 2020, which could significantly simplify the tax payment process for the owners of a large number of controlled foreign corporations (CFCs) and significantly reduce such taxes in some cases, was recently adopted in Russia. It is fair to say that, in a sense, the new legislation introduces an alternative simplified tax system for CFC owners. However, the new tax regime will not be beneficial to all taxpayers.

Author: Valery Narezhniy
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Recent updates

James Bergstrom DITC Portal update

Cayman Islands - Ogier

Authors: James Bergstrom, Angus Davison, Joanne Huckle, Bradley Kruger
Maurus Winzap Federal Council to request Parliament to abolish withholding tax on bonds

Switzerland - Walder Wyss

Authors: Maurus Winzap, Fabienne Limacher
Elena Christodoulou Protocol amending Cyprus-Russia double tax treaty ushers in new era

Cyprus - Elias Neocleous & Co LLC

Author: Elena Christodoulou
Simona Zangrandi New step-up option on taxpayer assets introduced

Italy - Studio Legale e Tributario Biscozzi Nobili Piazza

Authors: Simona Zangrandi, Franco Pozzi