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| EU Parent Subsidiary Directive |
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The Parent Subsidiary directive 90/435/EC, was transposed into the Cyprus Legislation in the 2002 tax reforms (see Income Tax Law 118(I)/2002 and Special Defence Contribution Law 117 (I)/2002. It was published in the Cyprus Offshore Report August 2002, Issue 08/02-50. The original Parent Subsidiary Directive was amended by the Directive 2003/123/EC (see EU Gazette L7/41, 13.1.04). Some of the amendments made by the Directive have already been made in the 2002 reforms. The income tax amendment bill (unpublished) will contain provisions for allowing tax credit relief in respect of underlying tax (corporation tax on the profits of a subsidiary or any lower-tier subsidiary out of which the dividends are paid). It will also contain a provision replacing the list of companies in the First Schedule to the Income Law, introducing also companies incorporated under Council Regulations 2157/2001 on the Statute for a European Company (SE) and Council Regulation 2003/72 on the Statute for a European Cooperative Society (SCE).
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"AuditPro Services" refers to AuditPro Services Ltd, a limited liability company registered in the Republic of Cyprus Reg. No. 155999
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