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…
ΕΠΙΣΚΕΨΕΙΣ ΣΕ ΥΠΟΣΤΑΤΙΚΑ ΕΠΙΧΕΙΡΗΣΕΩΝ Το Τμήμα Φορολογίας ενημερώνει ότι, στα πλαίσια της υλοποίησης του στρατηγικού στόχου για αύξηση της εθελούσιας φορολογικής συμμόρφωσης, Λειτουργοί του Τμήματος θα πραγματοποιήσουν, σε Παγκύπρια βάση, από τις αρχές του Αυγούστου 2017, επισκέψεις σε υποστατικά επιχειρήσεων….
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…
P. Constantinou & Co Ltd is proud to announce that it will be hosting the upcoming 2015 International Services Forum of Enterprise Worldwide (EW), an international association of accountants and advisors. The forum will be held at Amathus Beach Hotel…
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….
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…
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…
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…
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…