Interpretation of article governing debit balances between a Company and non Cyprus tax resident physical person

The Commissioner of the Taxation Department has recently issued a Tax Circular clarifying the position on the
deemed benefit received by a non Cyprus tax resident physical person (applicable by way of article 5(2) (f), of the
Income Tax Law of 2002, 118(I)/2002) and in particular that such benefit is deemed to apply for the whole of a
calendar (financial) year irrespective of the period a non-resident person spends in Cyprus.