The Ministry of Labour, Welfare and Social Security has published on its website the online applications that need to be completed by those who have been affected by the anti-coronavirus measures. Interested parties can find the following forms on https://www.coronavirus.mlsi.gov.cy/…
Coronavirus update – movement restrictions, companies affected and payments The Ministry of Health has issued new guidance regarding which businesses can stay open, movement restrictions as well as the confirmations for movement. As from 6.00pm on 24th of March 2020…
In view of the current situation created by the spread of the coronavirus (Covid-19) which affects not only us as individuals but the whole world, we are trying to do our part to protect ourselves and those around us. We…
Dear clients and associates, Taking into consideration the measures that the Cypriot Government has introduced to avoid the spread of the coronavirus in Cyprus and to reduce the financial and social impact of such measures for companies, employees, employers,…
It is our pleasure to announce that as of March 2020 our firm is a member of the RBB International network. RBB International is a network of independent accounting, auditing, and business advisors that provide clients with accounting, auditing, valuation,…
The Cyprus General Healthcare System (GESY) is a modern, patient-centric healthcare system with the aim of delivering quality healthcare services to all its beneficiaries. The main features of this newly introduced system (2019) is to offer universal coverage to all…
The Limassol Municipality decided to impose a professional tax/annual trade license fee on all companies having their registered office address in Limassol for the year 2019, for the amount of €150. The annual license fee for legal entities in a…
At the end of December 2019, the Cyprus – Kazakhstan Double Tax Treaty was signed by the President of Kazakhstan, which was previously ratified by Cyprus in May 2019. The Treaty will have full effect on the 1st of January…
The Cyprus Migration Department has made some changes regarding the regulation for bank guarantees for work permits and based on the new regulation, no bank guarantee is required to be submitted on behalf of the employer for the purposes of…
For the year 2020, Social Insurance contributions remain the same as in 2019 while, on 1 March 2020, contributions to the General Healthcare System will be increased. 2020 Social Insurance Contributions The Social Cohesion Fund contribution has no maximum…
Maximum annual tax deduction for life and private medical insurance premiums The Cyprus parliament has recently approved an increase in the maximum annual tax deduction for life and private medical insurance premiums, contributions to social insurance, and National Health System…
The second instalment for the 2019 provisional tax is due by December the 31st. Payment of the above-mentioned tax can be made using the JCC Smart web portal and to pay the second instalment, a valid debit or credit card…
Further to our previous update of the 2 October 2019, we would like to inform you that the Cypriot Parliament decided in a recent session to postpone the date of commencement of articles of the relevant law by the Registrar…
The Cypriot Council of Ministers recently adopted an amending bill that hopes to boost the state’s tax-collecting capacity through the mandatory filing of the income tax return for everybody, and has also approved the obligation of companies to accept electronic…
Recently the Cyprus Council of Ministers has come to a decision to provide a VAT refund to individuals who bought land for the construction of their primary residence in Cyprus. The purpose of this VAT refund is to reduce the…
As from 18 December 2019, the Registrar of Companies will impose administrative fines for late filing of the below notifications to the Registrar of Companies: Late filing of the annual return. The fine shall amount to €50 plus €1 for…
Gold magazine is considered the best English-language source for business news in Cyprus. In its July edition, it published 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…
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 from 7.8%) for both…
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…