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Circular English – 22/11/2011

We would like to bring to your attention the following matters which concern Cyprus companies.

Stock takes

Under the current legislation, companies which maintain stocks should carry out a stock take during the year-end and the results of the stocktake should be made available to the Commissioner, in case they are requested.

Please inform us as to when you intend to carry out a stock take so that we can attend as part of our audit work.

Inland Revenue visits

We have been informed by the Inland Revenue office that during 2011 and 2012 its officers will undertake an onsite inspection to assess whether invoices and receipts are issued according to the current legislation which can be found in the official Tax Department website.

An annual levy of €350

Companies incorporated before the year 2011 are obliged to pay an annual levy of €350 to the Registrar of Companies by 31/12/2011.

If you would like our office to pay on your behalf please contact our office immediately.

Defence fund on rents

From 1 July 2011, companies, partnerships, the Government or any local authority that pay rents is obliged to withhold special defence contribution on the amount of the rent paid and remit this amount to the Inland Revenue office.

In case you are obliged to withhold special defence contribution on rent paid and you have not paid this defence contribution to the Inland Revenue authorities, please contact us immediately since non-conformation bears penalties.

Please do not hesitate to contact us should you require further information.

P. Constantinou & Co Ltd

22 November 2011

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