The Cyprus Tax Department alert regarding Nil reports
The Cyprus Tax Laws have been amended with regard to the taxation of individuals working in the Fund Industry and incur carried interest and to further clarify the existing tax framework for Alternative Investments Funds (AIFs) and Undertakings for Collective Investments in Cyprus (UCITs).
The Cyprus Tax Department informs all Reporting Financial Institutions that nil report submission for FATCA purposes is not mandatory. Nil reports that will be submitted will be accepted.