Extension to the filing date of Income Tax Return IR1 2022 The Cyprus Tax Department has announced that the submission of the 2022 Personal Income Tax Return has been extended until 31st October 2023. Employees, Pensioners and Self-Employed whose gross…
Cyprus – The Department of the Registrar of Companies and Intellectual Property invites all companies, European public limited liability companies, Cooperatives, and their officers/partners, to register the details and information of their beneficial owners in the Register maintained by…
The Inspection Service of the Ministry of Labour and Social Insurance announced targeted inspections, on a nationwide basis, in leisure centres, clubs, restaurants, cafes, and other similar businesses, in an effort to combat undeclared work and monitor compliance with Basic…
Cyprus – The Ministry of Labour and Social Insurance announced on August 24, 2023, the revised salary thresholds in a number of occupations in the hotel industry, with a retroactive effective date of June 1, 2023. The replacement of the…
Kindly note that our office will be closed from the 14th to the 18th of August 2023 (both days included) due to the summer holidays.
Cyprus July 2023 – The Tax Department announced that the submission of the Individual Income Return for 2022 through the TaxisNet system has begun. Employees, Pensioners and Self-employed persons with a gross total income over 19,500 euros must submit an…
The law was amended so that the obligation to pay the Defence contribution tax withheld on rents can be settled in two semi-annual instalments instead of monthly payments. Starting from June 9th, 2023, every person who has the obligation…
Cyprus, July 2023 – The Tax Department recently amended the law for income tax exemptions (a 50% exemption) for non-residents of Cyprus. The revised law has backdated effect as of 1st of January 2022 and affects personal income tax declarations…
Following the new publication (23/06/2023) of the Financial Action Task Force (FATF) the following countries have been added to the Jurisdictions Under Increased Monitoring (the “grey” list). New Entries to the FATF’s Jurisdictions Under Increased Monitoring List: -Cameroon -Croatia -Vietnam…
Companies that expect to have taxable income for the year 2023 must pay the first instalment of the temporary (provisional) tax by 31 July 2023. The tax, calculated as 12.5% on the taxable income, is payable in two equal instalments,…
Once again, our Firm was included in the famous “The Limassol Issue” published yearly by Gold Magazine (June 2023), the business magazine of Cyprus. We would like to express our gratitude to the Gold Magazine editorial team for the honour….
The Council of Ministers approved on June 15, 2023, a Decree amending the VAT Legislation in order to change VAT rates on certain products and services. A VAT rate of 5% to 3% is adopted for entrance tickets for theatrical…
Cyprus – The Minister of Labour and Social Insurance has amended the Decree concerning the employment of Third Country Nationals who are in the Republic with the status of a student, in which specific sectors of economic activity can they…
The Cyprus Parliament passed the law for a reduced 5% VAT rate applied for the first 130 sqm of a residence, either for a house or a flat, with a value of €350,000. Updated 22/6/2023 The reduced VAT will apply…
The Department of Public Administration and Personnel of the Ministry of Finance issued last Thursday a useful guide for the new legislation which came into force in early 2023, regarding the additional annual leave that working parents with children are…
The deadline for the annual levy tax for the year 2023, which is €350 per company, must be paid by 30 June 2023 at latest. If a company fails to pay the annual levy until the above deadline, a…
May 2023 – The Cyprus Government Council of Ministers amended recently the criteria for obtaining an Immigration Permit in Cyprus as a foreign investor. The new criteria are in force as of 2 May 2023. The most significant changes…
The Cyprus Tax Department issued 3 different announcements in the past few days. The first concerns the application of a zero VAT rate for certain categories of products and the second concerns the obligation to accept cards and the…
The HMRC announced the increase of the amount of Corporation tax companies will have to pay. The increased tax is directly linked to the amount of profit a business has made. The increase will be effective from April 1st, 2023….
On March 16, 2023, the Cyprus Tax Department released the 10-year government bond yield rates as of December 31, 2022. These rates, after being increased by 5%, can serve as reference rates for calculating the Notional Interest Deduction (NID)…
On the 24th of February 2023, FATF issued an updated list of jurisdictions under increased monitoring. The updated list includes Nigeria and South Africa to the jurisdictions subject to increased monitoring, and it also removed Cambodia and Morocco from…
On the 14th of February, the EU issued a press release updating its blacklist regarding non-cooperative countries adding the British Virgin Islands, Costa Rica, Marshall Islands and Russia to its list of non-cooperative jurisdictions for tax purposes. After this…
On 10 February 2023, the Cyprus Tax Department issued an updated text with Frequently Asked Questions regarding to transfer pricing. The article provides a few basic guidelines on certain matters of the new Transfer Pricing documentation rules that were…
All companies in Cyprus, following their incorporation with the Registrar of Companies, have the statutory obligation to maintain their registration up to date, by complying with their annual obligations and by notifying any changes in their details, within the…
The Ministers Council approved recently certain changes in the criteria for companies to register as foreign interest companies in Cyprus. These changes are valid from the 12th of December, 2022. The changes aim to attract companies, their employees, and their…
On 17/1/2023, the Cyprus Tax Department announced that the gradual implementation of the new Unified Tax Management System Tax For All (TFA) has already begun, which aims to gradually replace (among others) the TAXISnet platform and in the future…
In December 2022, an amending law on the Protection of Salaries was published in the Official Gazette of the Republic of Cyprus, which includes new terms regarding the employer’s obligations in matters relating to personnel, payroll and other issues….
General Healthcare System and Social Insurance contributions in Cyprus for the year 2023 will remain the same as in 2022. Contributions Employee Employer Self Employed Social Insurance 8.3% 8.3% 15.6% Social cohesion Fund 2% Redundancy Fund 1.2% Industrial…
On October 6, 2022, the Cyprus Shipping Deputy Ministry (SDM) announced that the “Law on the Shipping Limited Liability Company” of 2022, also known as the “SLLC Law,” had been approved by the House of Representatives. The SDM, with its…
The dates listed below are Bank and Public Holidays in Cyprus for 2023. On these dates, all public services, private companies, banks, and shops are closed, although many shops and certain services remain open in some areas, busy shopping…