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Find the latest updates from our McMillan Woods Cyprus office.

McMillan Annual Levy 07-2022

Ετήσιο Τέλος Εταιρειών 2022 / Annual Levy 2022 Extension

Σας ενημερώνουμε ότι η προθεσμία καταβολής του ετήσιου τέλους εταιρειών για το έτος 2022, που καταβάλλεται στον Έφορο Εταιρειών, παρατείνεται μέχρι την 31η Δεκεμβρίου 2022. We would like to inform you that the deadline for the payment of the 2022 annual levy, payable to the Registrar of Companies, has been extended to 31st December 2022. 200 Archiepiskopou Makariou …

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McMillan 1 Tax 07-2022

Reminder for 1st provisional tax instalment for tax year 2022

We would like to remind you that the payment deadline for the 1st provisional tax instalment for tax year 2022 is the 31st of July 2022. Obligation for provisional tax payment The following persons have an obligation to pay provisional tax, based on their expected annual taxable income for tax year 2022: Individuals with taxable income other than …

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hessan@sorxmedia.com

Income Tax Exemptions on Employment in Cyprus

On 10 May 2022, the Cabinet of Ministers approved a new tax incentive scheme to attract foreign companies’ headquarters and talented, high skilled individuals in Cyprus.  PREVIOUS SCHEMECurrently, non-residents of Cyprus who work in Cyprus and earn more than EUR 100,000 per year can benefit from 50% tax exemption on employment income for the first 10 years of employment. …

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Deadline Submission - Income Tax Return 2020

Extension of the deadline for the submission of Income Tax Return for the year 2020

Extension of the deadline for the submission of Income Tax Return for the year 2020 The deadline for submitting the tax return for companies (Form T.D.4) and self-employed individuals that have turnover exceeding the amount of €70,000 and have an obligation to prepare audited accounts (FormT.D.1 self-employed), for the year 2020, is extended until 31 …

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Submission of beneficial ownership information 31 July 2022_no text

Deadline for the submission of beneficial ownership information extended to 31 July 2022

We would like to inform you that the Department of Registrar of Companies and Intellectual Property has announced that the deadline for the submission of data concerning beneficial ownership is extended to 31 July 2022. As a reminder, this obligation arises from the “Law for the Prevention and Suppression of Money Laundering Activities” and it applies to all …

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Annual Company Levy fee for 2021

Deadline for the submission of Forms T.D.602 and T.D.603 extended to 31 March 2022

The electronic submission of the declarations for SDC and GHS contributions withheld on interest (T.D. 602) and dividend (T.D. 603) payments, the Tax Department has announced that the deadline is extended to 31 March 2022. Submissions made after this date will be subject to a fixed penalty of €100.It is clarified that the extension does not apply to the payments. Therefore, …

Deadline for the submission of Forms T.D.602 and T.D.603 extended to 31 March 2022 Read More »

Annual Company Levy fee for 2021

Extension for the Annual Company Levy fee for 2021

The Department of Registrar of Companies hereby announces that the Minister of Energy, Commerce and Industry, issued a decree on 21 of December 2021 according το Section 391(5)(b) Cap.113, by which, the deadline for payment of the Annual Levy by registered companies for the year 2021 is extended to March 31, 2022 with no additional charge. …

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McMillan Tax Return 2021

Reminder for provisional tax for tax year 2021

We would like to remind you that the 31st of December 2021 is the payment deadline for the second provisional tax instalment for 2021. Payment of the second provisional tax instalment (assuming no revision) A taxpayer can pay the second provisional tax instalment (as per the initial provisional tax calculation), within one month from the payment deadline (i.e., until 31 January …

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Extension Of The Deadline

Extension Of The Deadline For The Submission Of Income Tax Return For The Year 2019

The deadline for submitting the tax return for companies (Form T.D.4) and self-employed individuals that have turnover exceeding the amount of €70,000 and have an obligation to prepare audited accounts (FormT.D.1 self-employed), for the year 2019, is extended until November 30, 2021. — Η προθεσμία υποβολής της φορολογικής δήλωσης εταιρείας (Έντυπο Τ.Φ.4) και αυτοεργοδοτούμενου του …

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McMillan Article-01

Exemption from the obligation to submit a personal income tax return for tax year 2020 for individuals with annual gross income below €19,500

In accordance with a Decree issued by the Council of Ministers, individuals with annual gross income below €19,500 are exempted from the obligation to submit a personal income tax return for tax year 2020. As a reminder, the amending Assessment and Collection of Taxes issued in August 2020 provided that as from tax year 2020, it would be mandatory for all taxpayers …

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McMillan-Article

ALL YOU NEED TO KNOW ABOUT THE IMPORT ONE-STOP SHOP (IOSS)

The deadline for payment of the Temporary Tax for the year 2021, is 31 July 2021. All companies which are Cypriot tax residents, and which expect to have taxable income for the tax year 2021, they must estimate this income and pay the temporary tax in two equal instalments before or on the following dates:  31 July 2021 …

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Annual Company Levy fee for 2021

ANNUAL LEVY 2021 / Ετήσιο Τέλος Εταιρείας 2021

We would like to bring to your attention that according to the Cyprus Company Law, Cap. 113 all Cyprus Companies are subject to an annual government levy of € 350 payable by 30.06.2021. Non-payment of the annual government levy, will result in penalties and the de-registration (strike off) of the company from the registry of …

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McMillan Article-01

Provisional Tax 2021

We would like to inform you that in accordance with an amending Assessment and Collection of Taxes law published on 20 April 2021, due to the prolonged crisis and the adverse economic conditions caused by COVID-19, the following deadlines are extended to 30 September 2021: Electronic submission of the 2020 personal income tax return (TD1A) of individuals and …

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Submission deadline extension for the 2020 tax returns due to the prolonged COVID-19 crisis

Submission deadline extension for the 2020 tax returns due to the prolonged COVID-19 crisis

We would like to inform you that in accordance with an amending Assessment and Collection of Taxes law published on 20 April 2021, due to the prolonged crisis and the adverse economic conditions caused by COVID-19, the following deadlines are extended to 30 September 2021: Electronic submission of the 2020 personal income tax return (TD1A) of individuals and …

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Submission deadline extension for the 2019 corporate income tax return and the 2019 income tax return filed by individuals preparing audited FS

We would like to inform you that in accordance with a Decree issued on 12 March 2021, the following deadlines are extended to 30 September 2021: Electronic submission of the 2019 corporate income tax return (TD4), and Electronic submission of the 2019 personal income tax return (TD1A) of individuals preparing audited financial statements (FS). 200 Archiepiskopou Makariou III Avenue, 1st Floor, Office …

Submission deadline extension for the 2019 corporate income tax return and the 2019 income tax return filed by individuals preparing audited FS Read More »

Εxtension of the deadline for payment of SDC and GHS contributions on deemed dividend distribution for tax year 2018

We would like to inform you that the deadline for the payment of SDC and GHS contributions on such distributions for the tax year 2018 is extended to 30 April 2021 (from 31 January 2021). This means that, unless a company has distributed at least 70% of its after-tax profits (as adjusted for DDD purposes) until 31/12/2020, the DDD provisions …

Εxtension of the deadline for payment of SDC and GHS contributions on deemed dividend distribution for tax year 2018 Read More »

Postponement of the commencement date for the collection of data of the Ultimate Beneficial Owners (UBOs)

With reference to our previous alert dated 8 January 2021, we would like to inform you that the Registrar of Companies (RoC) has recently announced that the commencement date for the collection of data of the UBOs of Companies and other legal entities in Cyprus, is postponed to 22 February 2021. We will revert in …

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Ultimate Beneficial Owner (UBO) register to be introduced in Cyprus from 2021

On the 16th of December 2020, the Department of the Registrar of Companies and Official Receiver will have under its jurisdiction the upcoming register of Ultimate Beneficial Owners, as provided by the European Union’s Fourth Anti-Money Laundering Directive, the Council of Ministers decided to: Appoint the Registrar of Companies and Official Receiver as the competent authority …

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Extended deadline for the submission of 2019 personal income tax returns and for the payment of tax

We would like to inform you that in accordance with a Decree issued on 27 November 2020, the following deadlines are extended to 15 December 2020: Electronic submission of the 2019 personal income tax return by employees and pensioners (TD1 – Employee) whose gross income exceeds €19.500, and for the payment of the final tax due as per the relevant income tax return, and Electronic submission of …

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