At the end of December 2019, the Cyprus – Kazakhstan Double Tax Treaty was signed by the President of Kazakhstan, which was previously ratified by Cyprus in May 2019. The Treaty will have full effect on the 1st of January…
The Cyprus Migration Department has made some changes regarding the regulation for bank guarantees for work permits and based on the new regulation, no bank guarantee is required to be submitted on behalf of the employer for the purposes of…
For the year 2020, Social Insurance contributions remain the same as in 2019 while, on 1 March 2020, contributions to the General Healthcare System will be increased. 2020 Social Insurance Contributions The Social Cohesion Fund contribution has no maximum…
Maximum annual tax deduction for life and private medical insurance premiums The Cyprus parliament has recently approved an increase in the maximum annual tax deduction for life and private medical insurance premiums, contributions to social insurance and National Health System…
The second instalment for the 2019 provisional tax is due by December the 31st. Payment of the above-mentioned tax can be made using the JCC Smart web portal and to pay the second instalment, a valid debit or credit card…
Date Postponement for the imposition of fines by the Cyprus Registrar Further to our previous update of the 2 October 2019, we would like to inform you that the Cypriot Parliament decided in a recent session to postpone the date…
We are more than happy to announce that our firm has opened a new branch office located in Polis Chrysochous, Paphos. The Paphos office provides audit, accounting and consulting services to local clientele. Contact our Paphos office: Tel: …
The Cypriot Council of Ministers recently adopted an amending bill that hopes to boost the state’s tax-collecting capacity through the mandatory filing of income tax return for everybody, and has also approved the obligation of companies to accept electronic payments….
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…
As from 18 December 2019, the Registrar of Companies will impose administrative fines for late filing of the below notifications to the Registrar of Companies: Late filing of the annual return. The fine shall amount to €50 plus €1 for…
Investments in and out of Ukraine have traditionally been structured efficiently through Cyprus. Specifically, the island has served as a very efficient platform for inbound investments in Ukraine as well as for Ukrainian outbound investments to the rest of the…
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…
Gold magazine, considered the best English-language source for business news in Cyprus, has published in its July edition a special publication listing the top 300 companies in Limassol. The list features industries such as services, importers, technology and many more…
Companies which 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…
We would like to inform you that the final date for the annual levy tax for the year 2019, which is €350 per company, must be paid by 30 June 2019 at the latest. therefore, If a company fails to…
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…
In a recent development, the Cypriot Labour Minister has accepted a request from local employers and companies to allow, under certain conditions, the employment of asylum seekers and students from third countries. According to a recent decree (5161, 17/5/2019), which…
Social Insurance Contributions rates As from 1/1/2019 the social insurance rates for both employees and employers has increased by 0.5% on the insurable earnings of the employee. Therefore the rates for social insurance contributions as from 1/1/2019 are 8.3% (increased…
The Tax Department has recently released an Informative Guide, in Greek, regarding Benefits in Kind. The Informative Guide explains the treatment of certain benefits offered by employers to employees, directors and other persons who hold or are deemed to hold…
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…