Earlier, we have already talked about the regulation of activities related to cryptocurrencies in Cyprus (see the article), as well as the specifics of accounting for cryptocurrencies (see the article). It is time to talk about the taxation of transactions related to cryptocurrencies.
In Cyprus, a separate department in the tax authority is responsible for the administration of VAT. To register for VAT, the company or its representative must personally come to the VAT department office in the city of its registration and provide the following documents:
The abbreviation EORI stands for Economic Operators Registration and Identification number. This is a single centralized database of subjects of customs relations that conduct foreign economic activity on the territory of the EU. Access to it is provided to customs authorities during the procedures of import, export, and transit of goods.
Tax legislations of foreign jurisdictions, where a business is just starting its work, often can be quite confusing and complex. For this reason, many jurisdictions provide in their legislation the right of the taxpayer to obtain a preliminary explanation from the tax authority on a specific tax mechanism or transaction, called Tax Ruling.
Previously we have already discussed the importance of tax residency status for both individuals and legal entities in our articles on tax residency in Cyprus for 60 days (see article), on special tax regimes in Europe (see article) and in many others. This is not surprising, because the matter of determining the tax residency for a company and individuals is fundamental in tax planning. Today we will talk about the document confirming the fact of tax residence for individuals or legal entities in a particular country, namely, Tax Residence Certificate.
After the company has received approval from the migration authorities and registered as a company with foreign capital, you can begin the process of obtaining an employment visa for employees. Two options are possible here…
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