July 2022: Extension of Submission of Income tax for 2021
Income tax forms must be filed by employees, pensioners and self-employed individuals with gross income exceeding €19,500. An extension to the deadline for the submission of an income declaration and the payment of self-taxation by natural persons, for 2021, was…
Cyprus: 2022 transfer pricing changes
After recommendations by the OECD, the Cyprus parliament approved certain documentation requirements on transfer pricing (June 30th, 2022). The legislation is effective from 1 January 2022. The purpose of the changed regulations is to warrant compliance of covered entities with…
Cyprus companies: 2022 Temporary tax first instalment
The tax, calculated as 12.5% on the taxable income, is payable in two equal instalments, by 31 July and 31 December of 2022. Late filing of the return and payment of the tax will attract interest and penalties.
2022 – Deadline for settlement of taxes through self-assessment
Interest and penalties will be imposed on any amounts due in case there is a failure to settle the relevant tax liabilities on time.
Cyprus – Reduction of fine for failure to deliver annual reports
The Cyprus Parliament passed a law (23 June 2022) which reduces from 500 to 150 euros the maximum limit of the total financial burden (fine) that can be imposed on a company that fails to deliver its annual reports to the Department of the Registrar of Companies and Intellectual Property.
Cyprus Special Defence Contribution law amended
After the changes, the 3% will also apply to both Cyprus tax resident domiciled individuals and Cyprus tax resident legal entities.
Cyprus Companies Law changes to benefit small companies
Cyprus, June 2022. the House of Representatives passed an amending Law, changing the Cyprus Companies Law. The purpose of the changes is to help small businesses and audit firms reduce costs by simplifying the auditing procedure of the financial statements….
Deadline: 2022 Cyprus companies annual Levy Tax
We would like to inform you that the final date for the annual levy tax for the year 2022, which is €350 per company, must be paid by 30 June 2022 at the latest.
June 2022: Change of office hours
We would like to inform our clients, associates, and partner firms that from the 1st of June 2022 our office hours have changed. From Monday to Thursday our office will be open as usual, from 08:00 to 17:00 in the…
Campaign against undeclared work and compliance with labor legislation
If a violation is detected, the inspectors can issue a fine of 500 euros, multiplied by 7 months, unless the employer demonstrates that the infringement period was shorter.