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Archives for News & Updates

August 2021 Coronavirus support plans

The Cyprus Ministry of Labour published the support plans for the August 2021 period. The plans concern the period from August the 1st until August 31st, 2021. The plans will be available from Tuesday, August 31st, and the last date…

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July 2021 Coronavirus support plans

The Cyprus Ministry of Labour published the support plans for the July 2021 period. The plans concern the period from July the 1st until July 31st, 2021. The last date for applications for participation in the July Special Plans is…

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2020 income tax declaration submission

  The Tax Department announced that the 2020 Income Tax Return for Individuals (TD1) will be available for submission through the TAXISnet system later this month (July). The deadline is the 30th of September 2021. For the submission of the…

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Deadline for 2021 Cyprus companies Levy Tax

2/7/2021 From the latest update we have, the deadline for the 2021 levy tax for Cyprus is set for 31/12/2021. Από την τελευταία ενημέρωση που έχουμε, η καταληκτική ημερομηνία για το ετήσιο τέλος εταιρειών είναι η 31/12/2021. 30/6/2021 2021 Annual…

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Coronavirus support plans for June 2021

The Cyprus Ministry of Labour published today, 29/6/2021, the support plans for the June 2021 period. The plans concern the period from June the 1st until June 30th, 2021. The last date for applications for participation in the June Special…

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Coronavirus support plans for May 2021

The Cyprus Ministry of Labour published today, 28/5/2021, the support plans for the May 2021 period. The plans concern the period from May the 1st until May 31st, 2021. The last date for applications for participation in the May Special…

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Coronavirus support plans for April 2021

The Cyprus Ministry of Labour published today, 27/4/2021, the support plans for the April 2021 period. The plans concern the period from April the 1st until April 30th, 2021. The last date for applications for participation in the April Special…

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Coronavirus support plans for March 2021

The Cyprus Ministry of Labour published the support plans for the March period. The plans concern the period from March the 1st until March 31th, 2021. The last date for applications for participation in the March Special Plans is Wednesday,…

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Coronavirus support plans for February 2021

The Cyprus Ministry of Labour published the support plans for the February period. The plans concern the period from February the 1st until February 28th, 2021. The last date for applications for participation in the February Special Plans is Saturday…

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2021 Cyprus and Egypt double tax treaty

An amended double tax treaty between Cyprus and Egypt is in effect since the 1st of January of 2021. The updated treaty was signed in Cairo on 8 October 2019 and incorporates the latest international standards related to the exchange…

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New coronavirus support plans for January 2021

The Cyprus Ministry of Labour published the plans for the January period after the recent peak in coronavirus cases and the mandatory shutdown of certain business sectors in January. The plans mainly aim to support the Tourism Industry, businesses, employees,…

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INTRASTAT information and guide for 2021

INTRASTAT is the system for collecting information and producing statistics on the trade in goods between all the countries of the European Union. It began operating on January 1st, 1993 when it replaced customs declarations as the source of trade…

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Cyprus public and bank holidays for 2021

The dates listed below are Public Holidays in Cyprus. On these dates, all public services, private companies, banks, and shops are closed, although many shops and certain services remain open in some areas, mainly coastal areas, busy shopping streets, and…

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New coronavirus support plans for December 2020

The Cyprus Ministry of Labour announced the plans for the December period after the recent peak in coronavirus cases, promising to further support companies and employees during 2021. The plans mainly aim to support the Tourism Industry, businesses, employees, and…

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New coronavirus support plans for November 2020

The plans mainly aim to support the Tourism Industry, businesses, employees, and the related/associated companies that are affected by the sharp decline of tourist arrivals, and the new restrictions in movement and business operations. The below plans concern the period…

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New coronavirus support plans for October 2020

The plans mainly aim to support the Tourism Industry and the related/associated companies that are affected by the sharp decline of tourist arrivals and other affected industries, for the 2020 season. The last date for applications for participation in the…

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2019 Income Tax Return deadline extended

The deadline for submitting an electronic form for the Individual Income Tax Return for 2019 by employees and pensioners whose gross income exceeds € 19.500, as well as the payment of the final tax (self-assessment) for 2019, is extended until…

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2020 Cyprus employment support schemes

Updated 23/10/2020 Cyprus | On 7/10/2020 the Council of Ministers approved proposals of the Minister of Labour, Welfare, and Social Insurance for the immediate implementation of Employment Support Plans, totaling 31 million euros. The programs are: 17 million euros for…

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2019 income tax declaration submission

The Tax Department announced that the Individual Income Tax Return for the tax year 2019 is available for submission through the TaxisNet system. Necessary condition: For the submission of the above Declaration the electronic registration in the TaxisNet system is…

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Various Amendments to the VAT law

Various Amendments to the VAT law On 20 August 2020, the Cyprus Parliament passed the below amendments to the VAT law which officially came into force immediately after its publication in the Official Gazette of the Republic. A new definition…

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Intellectual Property system in Cyprus amended

The following amendments are effective from 1 January 2020. Existing provisions – Summary Intellectual Property capital expenditure is capitalized and capital allowances are claimed throughout the useful life of the asset with a maximum useful life of 20 years. New…

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2020 Temporary tax first installment

Companies that expect to have taxable income for the year 2020 must pay the first installment of the temporary tax by 31 July 2020. Note that, the temporary tax is paid only using the JCCSMART website. The tax, calculated as…

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VAT on building land 5%

Recently the Cyprus Council of Ministers has come to a decision to provide a VAT refund to individuals who bought land for the construction of their primary residence in Cyprus. The purpose of this VAT refund is to reduce the…

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2019 | Cyprus Temporary Tax

Companies that expect to have taxable income for the year 2019 and individuals, who have income other than employment income, must pay the first installment of the temporary tax by 31 July 2019. The tax, calculated as 12.5% on the…

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Deadline for personal income tax declaration

We would like to remind our clients and associated with the following upcoming deadlines: 30 June 2019 Payment of Special Contribution for Defence (SCD) on rents received by Cypriot domiciled and tax resident individuals and Cypriot tax resident companies during…

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Social Insurance updates

The Department of Labour has announced a few changes to take place from September 2017. A penalty of €500 will be applied for each employee working without being registered at the social insurance office, this is multiplied by the months…

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Recent Tax Law Amendments

Certain Tax Law amendments have taken place in July 2015 in order to: Harmonize and align the Cyprus tax system with relevant EU guidelines Simplify the Cyprus tax system and making it more attractive Strengthen the use of Cyprus companies…

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USES OF FINANCIAL REPORTS

Financial statements may be used by different stakeholders for a multitude of purposes. Owners and managers require financial statements to make important business decisions affecting its continued operations. Financial analysis is then performed on these statements, providing management with a more…

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EU VAT CHANGES FOR 2015

There are two new directives, first for the fast reaction mechanism aimed towards preventing VAT fraud. The second one is for the optional and temporary application of the reverse charge mechanism in relation to supplies of certain goods and services….

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save on Taxes

Value Added Tax (VAT) is a tax on consumption levied in the United Kingdom by the National Government. It was introduced in 1973 and is the third-largest source of government revenue after Income Tax and National Insurance. It is administered…

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PROPER INVOICE INFO

Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of…

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Φορολογική Ενημέρωση – 2 Ιανουαρίου 2014

Αύξηση των συντελεστών ΦΠΑ από 13 Ιανουαρίου 2014 Από την 13 Ιανουαρίου του 2014 ο κανονικός συντελεστής ΦΠΑ, που εφαρμόζεται στην παροχή αγαθών και υπηρεσιών θα αυξηθεί από 18% έως 19%. Επιπλέον, ο μειωμένος συντελεστής ΦΠΑ, που ισχύει στις υπηρεσίες…

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Tax Update – 2 January 2014

Increase in VAT rates from 13th January 2014 From the 13th January 2014, the standard rate of VAT, which is applicable to the supply of goods and services will be increased from 18% to 19%. In addition, the reduced rate…

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Changes in Cyprus parliament law – 29/4/2013

Νόμος που τροποποιεί τον Περί Φορολογίας του Εισοδήματος Νόμο Ο συντελεστής του εταιρικού φόρου έχει αυξηθεί από 10% σε 12.5%- ισχύει από 1 Ιανουαρίου 2013. Με βάση τον περί Εξυγίανσης Πιστωτικών και άλλων Ιδρυμάτων Νόμο, για σκοπούς φόρου εισοδήματος, στην…

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Special Levy Tax – 5/2/2013

The House of Representatives has recently voted on various amendments regarding the Special Levy Tax of €350 which is paid by companies. Specifically, the following amendments have been made: The maximum amount of €20.000 for groups of companies has been…

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Ετήσιο Τέλος – 5/2/2013

Η Βουλή των Αντιπροσώπων έχει πρόσφατα ψηφίσει τροποποιήσεις σχετικά με το Ετήσιο Τέλος των €350 που καταβάλουν εταιρείες. Συγκεκριμένα οι ακόλουθες τροποποιήσεις έχουν ψηφιστεί: Επαναφέρεται το ανώτατο ποσό των €20.000 για συγκροτήματα εταιρειών Η τελευταία ημερομηνία καταβολής του Ετήσιου Τέλους…

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Νομοσχέδια που έχουν ψηφιστεί στα πλαίσια του μνημονίου μεταξύ Κύπρου και Τρόικας – 8/1/2013

Στα πλαίσια του μνημονίου μεταξύ Κύπρου και Τρόικας, η Βουλή των Αντιπροσώπων ψήφισε καινούργια και τροποποιητικά νομοσχέδια, τα πιο σημαντικά  εκ τον οποίον παραθέτονται πιο κάτω. Αύξηση στο Φόρου Προστιθέμενης Αξίας Από 14 Ιανουαρίου 2013 αυξάνεται  ο κανονικός συντελεστής ΦΠΑ…

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Cyprus and Portugal sign tax treaty

A tax treaty, which is based on the OECD Model Convention on Income and Capital, has been signed between Cyprus and Portugal in November 2012. Its signature follows the removal of Cyprus from Portugal’s tax haven “blacklist” and will encourage…

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Τόκοι σε επιστροφές φόρου εισροών – 30/10/2012

Τροποποιήσεις σχετικά με τόκους σε επιστροφές φόρου εισροών έχει δημοσιευτεί στην Επίσημη Εφημερίδα της Δημοκρατίας στις 19 Οκτωβρίου 2012. Οι πρόνοιες του Άρθρου 20 του περί Φόρου Προστιθέμενης Αξίας Νόμου του 2000 μέχρι 2012 θα εφαρμόζονται από την 19η Φεβρουαρίου…

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Back to back loans for Cyprus companies

Back to back are loans which the Cyprus tax resident company borrows, and in turn, lends this amount to related parties. This arrangement is widely favored by international companies that use a Cyprus company to redistribute their profits, leaving a…

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Tax News English – 24/5/2012

On 24th May 2012, the House of Representatives voted on a number of amendments to the law in order to promote foreign investments. AMENDMENTS TO THE INCOME TAX LAW Intellectual property (IP) rights 80% of the net profit from the…

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Tax News Greek – 24/5/2012

Τροποποιήσεις που ψηφίστηκαν στις 24/5/2012 Τροποποιήσεις του Φόρου Εισοδήματος Ειδικό Καθεστώς για τα δικαιώματα πνευματικής ιδιοκτησίας  Παρέχεται φορολογική έκπτωση 20% επί των κεφαλαιουχικών δαπανών. Αφαιρείται ως εκπιπτόμενο έξοδο το 80% από το κέρδος που πηγάζει από τα δικαιώματα πνευματικής ιδιοκτησίας-Royalties…

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Tax News English – 31/12/2011

Amendments to Income Tax Law When a company director or individual shareholder or his/her spouse or any relative up to second degree receive a loan or other financial assistance from the company, then that person is deemed to have obtained…

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Tax News Greek – 31/12/2011

Τροποποιήσεις στον Περί Φορολογίας του Εισοδήματος Νόμο Όταν οποιαδήποτε εταιρεία παραχωρεί δάνειο ή οποιαδήποτε άλλη χρηματική διευκόλυνση, εξαιρουμένου υπολοίπου που προέρχεται από εμπορικές συναλλαγές, σε διευθυντές ή μετόχους που είναι φυσικά πρόσωπα, ή των συζύγων τους ή σε συγγενείς τους…

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Circular English – 22/11/2011

We would like to bring to your attention the following matters which concern Cyprus companies. Stock takes Under the current legislation, companies which maintain stocks should carry out a stock take during the year-end and the results of the stocktake…

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Circular Greek – 22/11/2011

Θα θέλαμε να σας υπενθυμίσουμε για τα πιο κάτω θέματα που αφορούν Κυπριακές εταιρείες Καταγραφή αποθεμάτων Σύμφωνα με την εν ισχύουσα νομοθεσία, εταιρείες οι οποίες έχουν αποθέματα, πρέπει να προβούν σε καταγραφή τον αποθεμάτων τους κατά το τέλος του έτους…

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Taxation in Cyprus

PERSONAL INCOME TAX Where an individual is a resident in the Republic, tax is imposed on income accruing or arising from sources both within and outside the Republic. Where an individual is not a resident in the Republic, tax is…

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Ετήσιο τέλος €350 για Κυπριακές εταιρείες – Circular 17/11/2011

Αναφορά: Υπενθύμιση για καταβολή ετήσιου τέλους ύψους €350,00 για όλες τις εγγεγραμμένες κυπριακές εταιρείες. Σύμφωνα με την πρόσφατη νομοθεσία Ν117(Ι)/2011 θα θέλαμε να σας υπενθυμίσουμε ότι όλες οι εγγεγραμμένες εταιρείες στο αρχείο του Εφόρου Εταιρειών και Επίσημου Παραλήπτη υποχρεούνται στην…

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Tax News – first package of measures

On Friday 26 August 2011 the House of Representatives voted as a first step, amendments to various tax legislation, in order to raise revenues and decrease government spending to enable the Government to deal with the economic crisis which Cyprus…

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Holding Companies Incentives – 01/2011

A Cyprus Holding Company can be effectively utilized for international tax planning purposes and at the same time enjoy the status of being located at a reputable business center within the European Union. In summary, a Cyprus Holding Company offers…

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Advantages of a Cyprus Company

The tax reform act of 2002 was inevitable in order to harmonize Cyprus’ laws and practices with the European Union laws and directives, the Code of Conduct and the Organization for Economic Cooperation and Development. The end result of this…

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