Penalty of 5% is imposed on all the unpaid taxes one off if the payment is not effected on due date plus another 5% one off if the tax return is not submitted within 30 days after the deadline. Additional flat penalty of Eur 100 is imposed on late submissions …
Recent amendments to the Income Tax and the VAT legislations were recently voted by the House of Representatives, the summary of which are stated below. INCOME TAX LAW The House of Representatives has voted on 25 October 2012 to extend the law on special settlement of the tax liabilities up …
The protocol amending the double taxation treaty between Cyprus and Poland has been signed on behalf of both countries on 16 March 2012. The protocol has been ratified by Cyprus on 30 March 2012. The protocol introduces a number of amendments to the existing Double Taxation Treaty, the summary of …
The rental income earned by a Cyprus tax resident, either physical or legal person, from an immovable property situated either in Cyprus or abroad is subject to taxation in Cyprus as follows: Physical person – Income Tax The Rental income earned by physical persons is added with the employment income …
The House of Representatives of Cyprus has approved on 24 May 2012 a number of amendments on the Tax legislation. These amendments apply from the fiscal year 2012 onwards. These amendments were approved in an effort to boost the economy and to increase the attractiveness of Cyprus for foreign investments. …
VAT on Construction Services The VAT Department announced recently an amendment on the VAT treatment of construction services. As from 9th of March 2012, provision of construction services from a VAT registered person to another VAT registered person qualifies for zero rate VAT. The supplier should clearly state in the …
Reporting Requirements All Cyprus resident Companies are required to appoint accountant who will maintain the Company’s accounting records and post the transactions in the accounting system. As per the tax legislation, the accounting records should be updated within 4 months from the date of the transaction. The Company is required …
A recent change was voted by the House of Representatives on 1st of February 2013 which provide the following: (a) Companies incorporated in 2012 or being dormant in 2012 or do not possess any assets (previously exempt from payment of Renewal fees) should pay their annual fees for 2012 by …
In accordance with the Income Tax legislation, all taxable persons deriving income from business (self employed and Companies) are required to estimate their taxable profits for the fiscal year 2012 and pay temporary tax on three equal installments. The three equal installments are paid on 1st of August, 30th of September …
