In order to transpose the Act’s requirements into the domestic legislation of Cyprus, a Decree was published on 31st August 2015, in accordance with the provisions of Article 6(16) of the Assessment and Collection of Taxes Law of 1978 to 2015. A revised decree was published on 21st of July 2016 to incorporate specific changes.
Based on the revised Decree, a Passive NFFE will now be required to disclose the information of its Ultimate Beneficial Owners only where the effective percentage shareholding exceeds the 25% threshold. Prior to this change, disclosure was required where the effective percentage shareholding exceeded the 10% threshold.
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