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2019 | Cyprus Temporary Tax

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…

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Deadline for personal income tax declaration

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…

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Social Insurance updates

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…

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Recent Tax Law Amendments

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…

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USES OF FINANCIAL REPORTS

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…

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EU VAT CHANGES FOR 2015

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….

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save on Taxes

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…

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PROPER INVOICE INFO

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…

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Φορολογική Ενημέρωση – 2 Ιανουαρίου 2014

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…

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Tax Update – 2 January 2014

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…

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