Knowledge base

Cyprus Banking: The Current Situation

Firstly it is important to have an understanding of the recent Cyprus Banking Crisis and thereafter focus on the current situation. Cyprus Banking Crisis Explained – Cyprus Banking Institutions early Year 2013 During 2013 the Cyprus Banking sector faced its most challenging period to date. As a result…


Withholding tax in Singapore: Rental income

Rental Income Subject to Withholding Tax Under Section 12(7) (d), rent or other payments under any agreement or arrangement for the use of any movable property shall be deemed derived from Singapore if they are: Borne by a person, resident or a PE in Singapore; OR Deductible against any income accruing…


Withholding tax in Singapore: Royalties

What is Royalty? Royalty is the consideration for the use of, or the right to use any copyright of literacy (Software), or any artistic or scientific work. It consists of patent, trade mark, design or model, secret formula, information or process which is usually a secret and not commonly available…


Shareholder's continuity test: Singapore

Shareholders’ continuity test The shareholders’ continuity test holds that the same shareholders must hold at least 50% of the company’s total shares as at both the relevant dates. If the test was not fulfilled, the losses would be dismissed permanently unless a waiver to fulfil the test is obtained…


CySEC: Information for Cyprus companies and service providers

The Cyprus Securities and Exchange Commission has recently released information to all Cyprus Investment Firms, Management Companies and Administrative Service Providers regarding fraudulent tax evasion, and also a proposal on the prevention of use of the financial system for the purpose of money laundering…


Withholding tax in Singapore: Interest

Definition: Whether a payment is considered "interest" depends on the substance of the transaction. The intrinsic nature of said interest is compensation for not being able to use or the delayed payment of money by another. The interest must be charged against a primary sum of money which must be owed…


Royalties in Singapore

The Income Tax Act does not give a definition for royalties. However, royalties can be defined as a payment for the right to use a patent, copyright and other intellectual property. E.g. payment for every book sold or an artist album sold on VCD. Royalties are defined in Article 12 of the OECD Model…


When can a company be classified as dormant in Hong Kong

The types of companies that may be formed and regulated under the new Companies Ordinance in Hong Kong are public and private companies limited by shares; companies limited by guarantee without a share capital, public and private unlimited companies with a share capital.    Any of the different types…


Cyprus company audit requirements

As per 152A(1)(a): The following companies shall, in accordance with the provisions of the Auditors and Statutory Audits of Annual and Consolidated Accounts Law2009 submit their financial statements to an Auditor for auditing: Every company required by this Law to prepare consolidated financial statements; Every…


Withholding tax in Singapore - Introduction

Concept of Withholding Tax When income is paid to a non-resident of a country, it is typical of the country to collect tax from the non-resident; the payee is required to withhold tax before paying the net amount to the non-resident. It is a tax subsidised by a non-resident on income derived or deemed…