The Cyprus Tax Department informs that VAT registered taxable entities who are not included in the categories defined in the Law (presented in detail in the attached List of Economic Activities), and have a payable VAT amount for the tax…
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…
The Cyprus Ministry of Finance started the gradual payment of state sponsorship to companies and self-employed persons registered to VAT, to cover rents, loan installments, and other operating expenses. The grant process will be completed in early March 2021 and…
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,…
The Cyprus Ministry of Finance announced a special plan for specific categories of companies and self-employed who are excluded from registration in the VAT Register. Specifically, beneficiaries for participation in the Scheme are the Approved Private Tutoring schools, registered in…
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…
General Healthcare System and Social Insurance contributions in Cyprus for the year 2021 will remain the same as in 2020. Cyprus 2021 Social Insurance Contributions: Please note that the Social cohesion fund is calculated on total remunerations and has no…
As of 11 January, Cyprus will revert to the normal 9% VAT rate (instead of the reduced 5%) for passenger transport, restaurants, hotel accommodation, and catering services. The reduced 5% vat rate period expired on 10 January 2021 after being…
For Companies (Summary) The government on 9/1/2021 announced additional support schemes for businesses and the self-employed affected by the latest measures. The support plans include grants, payroll subsidies, loan repayment suspension, rent subsidies, and tax breaks. The direct assistance to…
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…
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…
The exemption aims to maintain the appeal of Cyprus as a country and to attract employees by creating real infrastructure for businesses and help to establish new investments. The Income Tax Law has been amended in December 2020, to extend…
Cyprus tax resident companies have the obligation to declare at least 70% of their accounting profits of 2018 by the 31st of December 2020. The resulting 17% special contribution for defence and 2.65% National Health Contribution (GESY) must be paid…
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…
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…