Cookies help us deliver our services. By using our services, you agree to our use of cookies. Learn more

NEWS!

SCROLL

NEWS!

posted 10/08/2022

FINAL REMINDER: VAT Declaration 01/04/2022- 30/06/2022 and VIES for July 2022


We would like to inform our clients & associates that 
▪️VAT DECLARATION
for the period 01/04/2022 - 30/06/2022 should be submitted to the tax authorities 📆 by 10/08/2022!
VAT Declarations submitted after the above-stated deadline will incur penalties!


▪️VIES DECLARATION
of July 2022 should be submitted by the 📆 15th of August 2022. 
VIES declarations submitted after the above-mentioned date will also be penalized! 
📲 PLEASE DON'T HESITATE TO CONTACT US if you need any assistance with the submission of VAT and VIES declarations.
 






posted 29/07/2022

Important update on TD1 of the year 2021

The Tax Department has announced that the deadline for the submission of TD1 for the year 2021 is extended from 31st of July 2022 to 31st of August 2022.
This covers both submission of the form and payment of any tax liability.

📲Please don’t hesitate to contact our tax experts, if you need any assistance in TD1 submission. 






posted 27/07/2022

TD1 & Beneficial Ownership Registry FINAL REMINDER

Final Reminder to all our clients and associates that 
▪️The submission deadline for the TD1 of the tax year 2021 is the 31st of July 2022.
▪️The submission of Beneficial Ownership Registry is the 31st of July 2022.

📲Please ensure compliance with the regulations. Don’t hesitate to contact our office for any clarifications.






posted 20/07/2022

FINAL REMINDER FOR TEMPORARY TAX 2022


We would like to inform all our clients and associates that the Temporary Tax of the year 2022 for Cyprus Tax resident companies should be submitted by 31st of July 2022. 
The 1st instalment should be paid by the 31st of July 2022. 

📲Don’t hesitate to contact our team if you need any assistance with the Temporary Tax payment.







posted 19/07/2022

Tax Exemption on 1st Employment 


The House of Representatives voted on 14th of July 2022 the article 8(21A) which replaces the article 8(21) of the income tax law. 

In accordance with the provision of the new article, which comes into effect as from the 1st of January 2022, individuals relocating in Cyprus for first employment will be allowed to exempt from their gross salaries 20% or Eur 8.550 (lower of) for a period of 7 years starting from the tax year following the tax year of 1st employment. 

The law applies provided that during the 3 years preceding their employment they were exercising their employment outside of Cyprus. 


📲Our tax experts are ready to assist you with any questions on the new article. We will follow up with a separate article on the amendments on the article 8(23).







posted 07/07/2022

Payment extension to the Annual Levy 2022


The House of Representatives has voted on Thursday 30th of June 2022 on the extension of payment of the Annual Levy for the year 2022
for the amount 350 EUR 
📆 until December 31, 2022.

The reason for the extension is due to the inflation of prices for basic goods and services due to the consequences of COVID-19 pandemic and the military conflict between Russia and Ukraine. 

If you have any queries about the payment extension,
📲Please, don’t hesitate to contact our office for any further clarifications. 







posted 28/06/2022

FINAL REMINDER. ANNUAL LEVY 2022

The Annual Levy for the financial year 2022 should be paid in the amount of EUR 350
📆 by the 30th June 2022.

📲Please contact our office for assistance with the Annual Levy 2022 payment.






posted 22/06/2022

Temporary Tax 2022

The Temporary Tax Declaration of the year 2022 for companies registered in Cyprus should be paid in 2 equal instalments: 
⚠️ 31st of July 2022
📌 31st of December 2022

The Temporary Tax is imposed at the rate of 12.5% on the estimated taxable profits of the whole year 2022 and is deducted from the actual tax liability of the year 2022 (the actual tax liability is calculated as part of the audited financial statements).

📆 Any under provision, i.e. the actual tax is more than the estimated tax should be paid by the 1st of August 2023. 

💰
Any over provision is refunded by the authorities. 

If the Temporary Tax is lower than 75% of the actual tax then 10% penalty is imposed on the difference. 

The company is eligible to submit revised Temporary Tax Declaration during December 2022. 

If the estimation is revised upwards, then 1.75% interest is imposed on the difference between the revised instalment and the initial instalment. 

Our office will start informing all clients & associates within the next couple of weeks. 

📲Please, don’t hesitate to contact our tax experts for any additional information regarding the Temporary Tax 






posted 07/06/2022

Annual Levy 2022


The Annual Levy for the amount of EUR 350 relating to financial year 2022 should be paid by 30th of June 2022. In this respect our office is in the process of informing all clients and associates.

📲Please, don’t hesitate to contact our office for any additional information and Kindly comply with the law in order to avoid penalties due to late settlement. 





posted 30/05/2022

Important change to the Special Defence Contribution (SDC) law.

On 26th of May 2022, the House of Representatives voted that the reduced rate of 3% SDC imposed on certain sources (saving certificates,  development bonds of the Republic of Cyprus or any other state,  corporate bonds listed on a recognised stock exchange,  approved provident fund, bonds listed on a recognised stock exchange issued by the government authority or organisation) will be imposed to both legal entities and individuals. 
Prior to that change only the individuals were subject to 3% SDC. The legal entities were subject to 30% SDC. The amendment on the law taxes both now on the same SDC rate.

📲PLEASE DON'T HESITATE TO CONTACT US if you need any additional information regarding the Special Defence Contribution (SDC) law.





posted 06/05/2022

VAT Declaration for the period 01st of January 2022 – 31st of March 2022


We would like to remind to all our clients and associates that the VAT declaration for the tax period 📅01/01/2022-31/03/2022 should be submitted by
🚩the 10th of May 2022 the latest.

Penalties will be imposed on VAT Declarations submitted after the above-stated deadline!

📲PLEASE DON'T HESITATE TO CONTACT US if you need any assistance in VAT payment procedures.






posted 21/04/2022

Happy Easter


Happy Easter to all our clients and associates. Our team wishes you health, prosperity and success.






posted 19/04/2022

Cyprus as Financial Center. 

An ideal country for investment.

 
Cyprus, since its full accession to the European Union and beyond that accession, has established its position as a respectable and reputable financial centre, an ideal location for incorporation of International Companies. The skills, knowledge and expertise of professionals working in the financial sector, the strategic location of the Country and its stable, relatively low and competitive tax system made Cyprus a very attractive location for investments.

Advantages of a Cyprus 🇨🇾 Company are as follows:
1️⃣ Relatively low and stable tax environment with a flat corporate tax rate of 12,5% imposed on the annual taxable profits of the Company.

2️⃣ Start-up Companies incurring losses in the first years could carry those tax losses for future utilization up to 5 years.

3️⃣ Tax deductibility of all business related expenses with our any restrictions.

4️⃣ Notional Interest Deduction on equity introduced to the Company.

5️⃣ IP Tax Regime for Companies having Intangible Assets.

📲PLEASE  visit our website to find other advantages of Cyprus Companies in our publications.






posted 11/04/2022

Final VAT Reminder

VAT Declaration for the period 01st of December 2021 – 28th of February 2022


Urgent reminder to all our clients and associates that the VAT declaration for the tax period 01/12/2021-28/02/2022 should be submitted TODAY!
VAT Declarations submitted after the above-stated deadline will incur penalties!

📲PLEASE DON'T HESITATE TO CONTACT US if you need any assistance in VAT payment procedures. 






posted 06/04/2022

VIES Declarations of March 2022

A kind reminder to all our clients and associates that the VIES declarations of March 2022 should be submitted by the 15th of APRIL 2022.
Penalties will be imposed on VIES declarations submitted after the above-stated deadline!

📲PLEASE DON'T HESITATE TO CONTACT US if you need any additional information on proceeding with VIES submission.





posted 03/04/2022

VAT Reminder

VAT Declaration for the period 01st of December 2021 – 28th of February 2022


We would like to remind to all our clients and associates that the VAT declaration for the tax period 01/12/2021-28/02/2022 should be submitted by the 10th of April 2022 the latest
Penalties will be imposed on VAT Declarations submitted after the above-stated deadline!

📲PLEASE DON'T HESITATE TO CONTACT US if you need any assistance in VAT payment procedures. 




posted 31/03/2022

Extension on submission of Tax Declarations


The authorities announced the extension on submission of tax declarations T.D.4 for companies and T.D.1 for self-employed having revenue more than EUR 70 000 of the year 2020 from 31/03/2022 to 31/07/2022.

Our office is ready to assist any tax payers to meet the deadline.

📲PLEASE DON'T HESITATE TO CONTACT OUR tax experts for more information regarding the extension.




posted 17/03/2022

IP TAX REGIME.
CYPRUS AS IDEAL LOCATION FOR IP COMPANIES

The IP tax regime is rewarded to the businesses having IPs substantially developed in Cyprus. It is granted to qualifying IPs which include patents, software, etc.

IPs used for marketing purposes (trademarks, brands, image etc.) are not qualifying for this regime.
The IP tax regime grants up to 80% deemed deduction on the qualifying profits generated from IPs.

Our office🤓 is willing to assist any interested parties with the exploitation of this regime.

📲PLEASE DON'T HESITATE TO CONTACT OUR tax experts for more information regarding the IP tax regime.





posted 09/03/2022

Beneficial Ownership Registry EXTENSION

On the 1st of March 2022 the Department of Registrar of Companies in the Republic of Cyprus announced the EXTENSION of the recording of beneficial owners to the Beneficial Ownership Registry until
31st of July 2022.

*REMINDING,
Beneficial Owner has the meaning of a natural person holding directly or indirectly 25% + 1 share of the share capital of Cyprus company. 

📲PLEASE DON'T HESITATE TO CONTACT OUR OFFICE for more information regarding the extension on the Beneficial Ownership Registry.




posted 08/03/2022

Happy Women's Day

CPV Audit Team wishes the Happiest Women's Day to all our female clients and associates.




posted 02/03/2022

T.D.4 (Company Income Tax Return) for the year 2020  

It was announced that T.D.4 for the year 2020 should be submitted by 31/03/2022.
This presupposes that the audited Financial Statements of Cyprus companies should be prepared as soon as possible in order to provide our tax experts to prepare and submit the declaration on time.

📲PLEASE DON'T HESITATE TO CONTACT OUR OFFICE for more information regarding T.D.4 submission.




posted 01/03/2022

Final Reminder. 

VAT Declaration for the period 01st of November 2021 – 31st of January 2022


We would like to remind to all our clients and associates that the VAT declaration for the period 01/11/2021-31/01/2022 should be submitted by the 10th of March 2022

Please, ensure that you adhere to the deadline.



posted 23/02/2022

LAST REMINDER. Beneficial ownership registry

Our office is in the process of submitting all the information on the beneficial ownership registry. This is the final reminder to contact us regarding any concerns with the beneficial ownership registration.

The deadline: 12/03/2022

📲PLEASE DON'T HESITATE TO CONTACT OUR OFFICE for more information regarding Beneficial Ownership Registry.

posted 21/02/2022

Application for sickness allowance

We would like to inform our clients and associates that starting from today, the application for sickness allowance will be submitted to the social insurance department only electronically through a special application that has been developed specifically for this purpose with the target of expediting the process of review. To submit an electronic application, the applicants should first develop an account on the Government Gateway Portal (Ariadni) to be electronically identified.

Our team is ready to assist you with any difficulties you face with the application for sickness allowance.



posted 14/02/2022

Payment of VAT liability in instalment


The Ministry of Finance has announced that the VAT liability which relates to the VAT period 01/10/2021-31/12/2021 can be paid in 3 equal instalments on 10th of February 2022, 10th of March 2022 and 10th of April 2022. This presupposes that the VAT has been submitted on time.

Our office is ready to assist those tax payers who would like to join the scheme.



posted 08/02/2022

Notional Interest Deduction (NID) – an effective tax planning tool


This is a series of educational articles that our office will provide to its clients and associates as well as to any interested parties who could be benefited from these articles. 

These articles could act as a mechanism for efficient tax planning.

The NID is effectively a deemed deduction from the taxable profit of the company up to 80%.

The Notional Interest Deduction is granted on equity introduced to a company by its shareholders, and this equity finances assets generating taxable profits. 

The equity can be in the form of an increase of share capital, either at nominal value or at a share premium. It is not granted on capital contributions. 

The NID is restricted at the lower of :
  • a. interest reference rate on equity.
  • b. 80% deduction on the taxable profits. 

The interest reference rate refers to the 10 year government bonds increased by 5% of the country in which the new equity is invested. 

Our tax experts is willing to provide any assistance to interested parties on NID. 





posted 07/02/2022

Final Reminder. VAT Declaration for the period 01st of October – 31st of December 2021


Our team submits the final reminder that the VAT declaration for the period 01/10/2021-31/12/2021 should be submitted by the 10th of February 2022.
Please, ensure that you adhere to the deadline.



posted 29/01/2022

Beneficial Ownership Registry


We would like to inform all our clients and associates that our office can undertake the registration to the Beneficial Ownership Registry which is maintained by the Registrar of Companies. 

Our team of tax experts posses detailed knowledge of the procedures and and can assist your business. 

📲PLEASE DON'T HESITATE TO CONTACT US for more information regarding Beneficial Ownership Registry.




posted 28/01/2022

Annual Levy for the Tax Year 2021

The Registrar of Companies has announced today the extension for payment of Annual Levy for the amount Euro 350 relating to financial year 2021.

The extension for settlement is until the 31st of March 2022 without imposition of any penalties. 

📲PLEASE DON'T HESITATE TO CONTACT US if you need any assistance in Annual Levy 2021.



posted 27/01/2022

Extension on payment of SDC and NHP(GESY) on Deemed Dividend Distribution for the tax year 2019

The Tax Authorities have announced extension on the payment of SDC and GESY on Deemed Dividend Distribution for the tax year 2019 from the deadline of 31st of January 2022 to 31st of March 2022.

📲PLEASE DON'T HESITATE TO CONTACT US if you need any assistance in payment of Deemed Dividend Distribution



posted 26/01/2022

VAT Declaration for the period 01st of October – 31st of December 2021


Our office would like to remind all our clients and associates that the VAT declaration for the period 01/10/2021-31/12/2021 should be submitted by the 10th of February 2022.

📲PLEASE DON'T HESITATE TO CONTACT US if you need any assistance in payment of VAT declaration for the period 01/10/2021-31/12/2021.



posted 25/01/2022

Deemed Dividend Distribution for the tax year 2019


In accordance with the Tax Law, 70% of the profits after taxation is deemed to have been distributed as dividends within 2 years after the end of the relevant tax year. This Deemed Dividend Distribution is subject to 17% SDC and 2.65% GESY.
The law applies to Cyprus companies owned by Cyprus tax resident shareholders.

The Deemed Dividend Distribution should be paid by 31/01/2022.

📲PLEASE DON'T HESITATE TO CONTACT US if you need any assistance in payment of Deemed Dividend Distribution