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…
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 that 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 of 1/1/2019, the social insurance rates for both employees and employers have increased by 0.5% on the insurable earnings of the employee. Therefore the rates for social insurance contributions as of 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…
TAX DEPARTMENT CAMPAIGN – VISITS TO BUSINESS PREMISES As part of the implementation of its strategic objective to increase voluntary tax compliance, the Tax Department has announced that its tax officers will, from the beginning of August 2017, carry out…
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…
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…
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….
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…
Increase in VAT rates from 13th January 2014 From the 13th January 2014, the standard rate of VAT, which is applicable to the supply of goods and services will be increased from 18% to 19%. In addition, the reduced rate…
Foreign individuals who meet certain criteria can now obtain Cyprus citizenship. In order to be eligible to apply for citizenship, the foreign individual should a) have a clean criminal record, b) have a permanent, privately-owned residence of a market value…
ICPAC Quality Award We are pleased to announce that our office has been awarded the prestigious Quality Checked Award by the Institute of Certified Public Accountants of Cyprus (ICPAC) in association with the Association of Chartered Certified Accountants (ACCA). Our…
Law amending the Income Tax Law The corporation tax rate is increased from 10% to 12.5%- effective 1 January 2013. Pursuant to the Resolution of Credit and other Institutions Law, when the operations of one credit institution are transferred to…