Amendment to the Special Defence Contribution (SDC) Law
We would like to inform all our clients and associates regarding a recent amendment voted by the House of Representatives which relates to the imposition of SDC withheld on rent expense.
In accordance with the amendment voted on 9 June 2023, the SDC withheld on rent expense can be paid in two semi-annual installments instead on a monthly basis. These two semi-annual installments are on 30th of June and 31st of December.
Non-Cyprus tax residents and individuals who are Cyprus tax residents but not domiciled in Cyprus exempt from SDC.
We remind that SDC on natural persons is imposed under the following rates:
SDC on dividends income from Cyprus or overseas: 17%
SDC on Rental Income: 75% of rental income subject to 3% SDC.
SDC on interest income (passive): 30%.
In the event of a late settlement, interest at the rate of 2,25% is imposed plus 5% penalty one-off.
Please feel free to contact our office if you have any additional questions.
posted 03/11/2023
Important Tax Updates
We would like to inform all our clients and associates regarding important tax updates announced recently by the tax department.
Personal tax Declaration T.D. 1 for the tax year 2022
The last date for submission for the personal tax declarations for individuals in relation to the tax year 2022 was extended until 31st of October 2023. Any tax due should also be paid until this date.
Obligation for submission of T.D. 1 have all individuals who provide salaried services or are pensioners or self-employed and who have gross total remuneration exceeding Eur 19.500 during the tax year 2022. In the case of tax liabilities, these are shown automatically in the website of tax portal by generating a special code for settlement.
Airbnb or Booking rental revenue
The tax department issued clarifications regarding the tax treatment of revenue generated through the internet platform of Airbnb or Booking or similar platforms. The following conditions should apply:
The immovable is registered in the relevant Registry of Self-Serviced Accommodation maintained by the Ministry of Tourism.
The owner is registered for VAT purposes (provided the owner is obliged to under the VAT law) and charges 9% VAT.
The rent is on a short-term basis.
If the above conditions apply, then the revenue from Airbnb or Booking or similar platforms is considered as business income and is subject exclusively to the incoe tax law and exempts from Special Defence Contribution (SDC).
Please feel free to contact our office if you have any additional questions.
posted 02/11/2023
Important VAT announcements
Exemption from imposition of VAT by approved HRDA trainers and educational centers
On 13th of October 2023, it was published in the Official gazette of the Republic an important announcement related to the imposition of VAT from approved trainers and educational centers by the HRDA.
In accordance with this announcement, the Table A’ of the 7th Article of the VAT Law is adjusted in order to include the training and lectures provided by HRDA approved trainers including approved training centers by the Human Resource Department of the Republic of Cyprus.
This announcement confirms that such educational programs are now fully exempt from VAT and thus the trainers should not charge VAT.
Our training center is fully approved by the HRDA and we do not charge VAT on our seminars.
Extension of 0% VAT on supplies of certain basic products
The imposition of 0% VAT on certain basic products is now extended until 30 April 2024. This commenced since 5 May 2023 and includes now additional basic products. In general, these basic products include bread, milk, eggs, baby diapers, adult diapers, products for female hygiene, sugar and coffee (not ready made hot or cold coffee).
Please feel free to contact the tax team of our office for more clarifications.
posted 02/10/2023
Beneficial Ownership Registry (BOR) – Important Notice
We kindly inform all of our clients and associates regarding the final notices given by the Department of Registrar of Companies and Intellectual Property for the Beneficial Ownership Registry.
The final notices are the following two:
All Companies which failed to submit information on their Beneficial Owners so far, they are requested to do so until 30 September 2023 the latest.
The Department will give 1 month notice to confirm and complete the data that have been submitted to the interim solution system and which will be migrated to the final solution system of the BOR from all companies. The final solution system is expected to be launched end of October 2023 and the 1 month will be granted from the date of the launch.
Failure to comply with the Law, the system will automatically impose fines and penalties to the non-compliant Companies which will range from Eur 200 to Eur 20.000 depending on the period of continuation of violation of the law.
Please feel free to contact our office for any questions that you may have on the BOR and we would be happy to assist you.
posted 26/06/2023
Extension on submission and payment of the personal tax declaration (TD1) for the year 2022
The Tax Department announced, based on a Decree of the Council of Ministers dated 9 June 2023, that the deadline for the submission of Individual’s Tax Return TD1 (except self-employed with accounts) for the tax year 2022 and payment date of the tax liability (if any) as per the return is extended to 2 October 2023. The reason for the extension is due to an amendment that is expected to be approved by the House of Representatives on the exemption from first employment in the Republic with force from the tax year 2022.
Employees, Pensioners and Self-Employed individuals, whose total gross income for the year 2022 exceeds €19.500, have an obligation to submit an Individual’s Tax Return (TD1) for the year 2022.
Our office is monitoring all changes on the tax laws and will inform all clients and associates on time for any tax obligations.
posted 08/05/2023
VAT REMINDER
The VAT declaration for the period of the 1st of January - 31st of March 2023 should be submitted by the 10th of May 2023.
Please make sure to follow VAT regulations to avoid penalties.
📲 Don’t hesitate to contact our tax experts, if you need any assistance in the VAT declaration submission.
posted 04/05/2023
Annual Levy 2023
We would like to inform all of our clients and associates that the Annual Levy of the year 2023 for the amount of €350 should be paid by each Company until 30 June 2023. For Group of companies, the total amount payable is capped at €20.000.
The annual levy is payable since the year of incorporation. Companies incorporated between the 1 July – 31 December exempt from annual levy for the same year.
Late payment of the annual levy will result to the following penalties: a. 10% penalty for delays up to two months. b. 30% penalty for delays between two and five months.
Non-payment may result in deregistration (strike-off) of the Company by the Cyprus Registrar of Companies. This will not allow the Company to submit documents or request certificates from the Registrar of Companies.
The Company is re-instated within two years from its strike-off with a payment of a penalty of €500 (in addition to the outstanding levy). The penalty is increased to €750 where a Company is re-instated after the period of two years.
Our office will start informing all clients separately in May. 📲 Don’t hesitate to contact our office for more information.
posted 13/04/2023
Happy Easter
CPV Audit team wishes you a joyful & prosperous Easter.
posted 09/04/2023
Final Notice for TD4 of the tax year 2021
The income tax declaration for Companies in relation to the tax year 2021 is due for submission by 31st of March 2023. ⠀ 🚩Failure to submit the tax declaration on time will lead to penalties due to non-compliance with the tax law. ⠀ Our office is committed to assist clients and associates to comply with the law. ⠀ 📲 Don’t hesitate to contact our office for more information.
posted 03/04/2023
Tax For All (TFA) Portal:
The Tax For All portal which is gradually replacing the taxisnet platform has been launched since 27 March 2023. The TFA portal is now available for VAT and VIES forms only but later on it will include also the income tax declarations. The TFA portal is sending e-mails starting from 27 March 2023 to those users who updated their e-mail addresses via taxisnet platform with a relevant link to activate their accounts in TFA and insert new passwords. ⠀ The submission period for the VAT form covering the period 1st of December 2022 – 28th of February 2023 which is due on 10th of April 2023 has been extended up to 26th of April 2023. ⠀ 📲 Don’t hesitate to contact our tax experts, if you need any assistance in accessing TFA portal.
posted 10/02/2023
VIES Declaration January 2023
We would like to inform our clients and associates that VIES declaration of January 2023 should be submitted by 📆 the 15th of February 2023.
In the VIES declaration the cross-border transactions with registered persons for VAT purposes in other member states of the EU should be declared.
The cross-border transactions include
Sale of goods to other member states;
Provision of services to other member states;
Triangulation trade;
📲 Don’t hesitate to contact our tax experts, if you need any assistance in the VIES declaration submission.
posted 16/01/2023
Arm's length procedures on back-to-back financing arrangements
The Tax Department has announced on 05th of January 2023 that the interpretive circular 3 (dated 30 June 2017) and circular 5 (dated 02 January 2019) governing back-to-back financing arrangements are terminated with retrospective effect as of 01st of January 2022. Hence, the last date of application of those circulars is until 📆 31st December 2021.
The above means that the financing arrangements between related parties (back-to-back financing controlled transactions) should be carried out on an arm's length pricing and conditions. The simplification procedure of back-to-back financing arrangements is terminated since 1st of January 2022 (simplification was a minimum 2% net profit margin after tax on loans receivables).
Arm's length means that the conditions of the controlled transactions (transactions between related parties) should be carried out on the conditions and pricing prevailing in the market i.e. on comparable conditions with transactions conducted between unrelated parties.
The above creates a necessity to prepare a transfer pricing documentation file in order to document controlled transactions.
Our firm is ready to assist you with preparation of transfer pricing documentation and transfer pricing study that need to be conducted. We can also represent you for the purposes of negotiation with the Tax Authorities in the case of disputes in related party transactions.
📲PLEASE DON'T HESITATE TO CONTACT OUR TAX EXPERTS, if you need any assistance with preparation of transfer pricing documentation.
posted 09/01/2023
VAT Declaration 01/09/2022-30/11/2022
The VAT declaration for the period of the 1st of September 2022 - 30th of November 2022 should be submitted by 📆 the 10th of January 2023.
Please make sure to follow VAT regulations to avoid penalties.
📲 Don’t hesitate to contact our tax experts, if you need any assistance in the VAT declaration submission.
posted 24/12/2022
CPV Audit Team wishes you a Merry Christmas and a Happy New Year 2023!
posted 05/12/2022
Temporary Tax 2022 - Second Instalment
Kind notification to all our clients and associates regarding the Second Instalment of Temporary Tax for the year 2022. This should be executed by end of December 2022 the latest.
In the case of revised the Temporary Tax assessment this should be submitted in December 2022.
📲 Don’t hesitate to contact our tax experts, if you have any queries regarding the Second Instalment on Temporary Tax 2022.
posted 01/12/2022
Access to the Beneficial Ownership Registry - Important announcement
In accordance with the latest decision by the Court of Justice of the European Union, access to the Beneficial Ownership Registry (BOR) by the general public is invalid since it violates personal data. Due to this decision the Registrar of Companies announced on 28th of November 2022 that access to the BOR for the general public is suspended.
This suspension does not eliminate the obligation to submit all data to the BOR, the obligation to collect, submit and update the BOR is still in force.
📲 Please contact our office, if you need any assistance with the BOR submission.
posted 29/11/2022
Imposition of Levy on immovable properties
On 18th of November 2022 the House of Representatives voted the imposition of 0,4% one-off levy on disposal of immovable property or disposal of shares in a company not listed in a recognised stock exchange and whose value consists of either directly or indirectly on immovable properties situated in Cyprus.
The law has retrospective effect since 22nd of February 2021.
The Tax Department is responsible for the imposition and receipt of 0,4% Levy for the purposes of the Central Agency for Equal Burden Distribution. For disposals relating to the period from 22 of February 2021 until 18 of November 2022 the Tax Department will provide substantial period of time for settlement without imposition of interests and penalties.
📲 Don’t hesitate to contact our tax experts, if you have any queries regarding the imposition of Levy on immovable properties.
posted 13/11/2022
VIES Declarations of October 2022.
A kind reminder to all our clients and associates that the VIES declarations of October 2022 should be submitted by the 15th of NOVEMBER 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 05/11/2022
VAT Declaration 01/07/2022 - 30/09/2022
The VAT declaration for the period of the 1st of July 2022 - 30th of September 2022 should be submitted by 📆 the 10th of November.
Please make sure to follow VAT regulations to avoid penalties.
📲 Don’t hesitate to contact our tax experts, if you need any assistance in the VAT declaration submission.
posted 26/09/2022
Decree for minimum salary in Cyprus
The decree for minimum salary in Cyprus has been approved on 31st of August 2022 and will apply since 1st of January 2023 and onwards. This decree applies for both full-time and part-time employees proportionately based on their working hours.
🔴 The minimum salary has been determined to EUR 940 gross on a monthly basis for full employment.
For employees not completing 6 months of continuing employment to the same employer either starting before or after 1st January 2023, the gross salary has been determined to 💰 EUR 885 for full employment until they complete 6 months. Every 2 years the minimum salary will be subject to evaluation.
In the case the employer provides accommodation and meals the gross salary can be reduced 📉 by 10% or 15% respectively. The law applies to both existing employments and new employments after 1st of January 2023.
‼️ Please review your existing employments declared to the Social Insurance Department and perform any corrective actions necessary.
posted 08/09/2022
VAT Declaration 01/06/2022 - 31/07/2022
The VAT declaration for the period of the 1st of May 2022 - 31st of July 2022 should be submitted by 📆 the 10th of September.
Please make sure to follow VAT regulations to avoid penalties.
📲 Don’t hesitate to contact our tax experts, if you need any assistance in the VAT declaration submission.
posted 02/09/2022
Withholding Tax on payments to EU blacklisted countries.
Currently Cyprus is not imposing any withholding tax upon payments of dividends, interest & royalties to non-cyprus residence.
However, this changes since the1st of January 2023 under the amendment of the law payment of dividends, interest and royalties are subject to withholding tax at the rates of 17% on dividends, 10% on royalties and 30% on interest. EU black listed countries are those included in Annex I of the EU list of non-cooperative jurisdictions on tax matters.
The list includes the following countries:
American Samoa
Fiji
Guam
Palau
Panama
Samoa
Trinidad & Tobago
US Virgin Islands
Vanuatu
Seychelles
📲 PLEASE DON'T HESITATE TO CONTACT US if you need any additional information about the withholding tax to EU blacklisted countries.
posted 28/08/2022
Additional Tax Residency Test for Companies
Since the tax year 2023📅 , an additional corporate residency test is introduced which is based on incorporation. The incorporation test should be taken into account together with the existing management and control test.
The target of this additional test is to capture Cyprus incorporated companies claiming that they are managed and controlled outside Cyprus but in reality they are not tax resident in any state "stateless companies" This means that a company incorporated in Cyprus is automatically a Cyprus tax resident company unless it is managed and controlled outside Cyprus and thus is tax resident in other jurisdiction and this should be proved, otherwise it is Cyprus tax resident company due to incorporation test.
📲PLEASE DON'T HESITATE TO CONTACT US if you need any additional information regarding the additional tax residency test for companies.
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.
posted25/01/2022
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
