Temporary Tax 2020 Companies that expect to have taxable income for 2020 must pay the second instalment of the temporary tax by 31st of December 2020. The temporary tax is paid only using the JCCSMART website. The tax is calculated…
Temporary Tax 2020 Companies that expect to have taxable income for 2020 must pay the second instalment of the temporary tax by 31st of December 2020. The temporary tax is paid only using the JCCSMART website. The tax is calculated…
Cyprus will introduce two new corporate tax measures in order to fight ‘Aggressive Tax Planning’ (ATP) in a move to emphasize its commitment and willingness to support the relevant European Commission’s initiatives and be harmonized with several related guidelines and…
The Ministry of Finance announced a subsidy scheme for Businesses and employers that are under mandatory full suspension in accordance with the relevant Decrees of the Minister of Health. The payment of the one-time subsidy will not require the submission…
Cyprus | These plans were designed due to the continuous increase in the number of pandemic cases and the need to extend support to affected workers and businesses, as well as to the unemployed who have exhausted their unemployment benefits….
Important Update: The Cyprus Parliament passed on the 30th of October 2020 a law, following suggestions also provided by the Institute of Certified Public Accountants of Cyprus (ICPAC), which allows the payment of VAT that had been suspended due to…
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…
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…
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…
These plans are aimed to support mainly 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 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…
A bill amending the Assessment and Collection of Taxes Law was passed on the 31st of July and was published in the Cyprus Government Gazette on the 20th of August. The following amendments, as described in Circular 46 issued by…
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…
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…
On 10 August 2020, Cyprus and Russia concluded the negotiations of a new protocol to modify the existing provisions of the Cyprus-Russia tax treaty. The intention of both countries is for the reviewed withholding tax rates to be effective from…
The Ministry of Labour announced the new plans for the support of companies and employees affected by the new coronavirus. These plans will be valid for the period from 1st August 2020 until the 31st of August 2020. The plans…
Cyprus | The Ministry of Labor published in the Official Gazette of the Republic the new plans for the support of companies and employees affected by the new coronavirus. These plans will be valid for the period from 1 July…
Gold magazine, considered the best English-language source for business news in Cyprus, has published in its July 2020 edition a special feature listing the Top 300 Companies based in Limassol. Our firm, which offers services for individuals and Companies in…
Extension for the special plans until July 9th 2020. Cyprus: The Ministry of Labour, Welfare, and Social Security announced that it approved an extension for the submission of applications for participation in the Special Plans for the period from 13…
The Tax Department launched (June 2020) its new tax portal that will be the new point of contact between taxpayers and the Tax Department. It will combine all the tax information of the Tax Department and access will be possible…
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…
The Council of Ministers has decided on an ad-hoc and temporary measure to help businesses and stimulate demand in the food and hospitality sector. The measure concerns the reduction of the VAT rate to 5% from 9%, for the period…
Gold magazine, considered the best English-language source for business news in Cyprus, has published in its June 2020 edition a special feature listing the Biggest Audit, Accounting, Tax, and Advisory firms in Cyprus. Our firm, which offers services for individuals…
The 30th of June 2020 is set as the final date to settle taxes through self-assessment for Special Contribution for Defence on rents, special Contribution for Defence on dividends and interest received and National Health Contributions on the gross rental…
2020 Tax incentives to property owners in Cyprus The House of Representatives recently passed a law (Amendment No. 2 of 2020), granting tax incentives to property owners in the form of a tax credit to reduce rents by the end…
Third-period electronic forms for Coronavirus allowance The Ministry of Labour, Welfare, and Social Security has published on its website the online applications that need to be completed by those who have been affected by the anti-coronavirus measures. These applications will…
Significant clarification for the one-time subsidy from 1250 to 6000 euros The new measures recently announced by the Minister of Finance, refer to an additional subsidy for self-employed workers and businesses employing up to 50 people. This one-time subsidy will…
The Ministry of Labour, Welfare, and Social Insurance extended the submission of applications for the Special Plans concerning the 2nd Phase, which is for the period 13/04 /2020–12/05/2020. The special plans forms will be posted on the website www.coronavirus.mlsi.gov.cy until…
Taxpayers who have an obligation to submit tax declarations, which are based on their audited financial statements, now have an additional one-month extension for the submission of the income tax return. The Minister of Finance issued a Decree on Friday…
Our firm offers a range of solutions for establishing your company’s presence in Cyprus Fully furnished, equipped with the latest technology and amenities, supported by experienced personnel and located in the center of the business area of Limassol, our offices…
May 2020 – New update on electronic forms regarding coronavirus allowance The Ministry of Labor, Welfare, and Social Security has published on its website the online applications that need to be completed by those who have been affected by the…