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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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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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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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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

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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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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Amendments to the Assessment and Collection of Taxes Law

Changes in tax reporting On 20/08/2020, an amendment to the Assessment and Collection of Taxes Law was published in the Official Gazette, followed by the release of relevant guidance by the Cyprus Tax Department on 03/11/2020. The amending law introduces amendments and clarifications in the filing of tax returns and the payment of tax with …

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Consolidations – Amendments to Companies Law Cap 113: Article 142

Law 97(Ι) of 2016, which was published in the official gazette on 23 September 2016, amends the Companies Law Cap 113 in order to transpose the EU Accounting Directive (2013/34/EU) into domestic law. One of the most significant changes is the abolition of the exemption from audit that was previously available to small or dormant …

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Calculations

Summary of financial reporting requirements for companies incorporated in Cyprus

This summary is intended for general guidance only and does not constitute a legal opinion. 1. Requirement To Keep Books Of Account And To Prepare Financial Statements Under International Financial Reporting Standards (IFRS) As Adopted By The European Union Under the Cyprus Companies Law, the directors of every company are responsible to maintain proper books …

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Calculating Numbers

Amendment of the VAT payment deadline VAT 10/11/2020 – 10/04/2021

On 27 March 2020, for the purpose of assisting businesses affected by the corona virus, the Government (with the approval of the House of Representatives) decided that the VAT payable for the periods ended on 29 February 2020, on 31 March 2020 and on 30 April 2020, for specific categories of taxable persons VAT be …

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calculating expenses

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 20 October 2020, the following deadlines are extended to 30 November 2020: Electronic submissionof 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, and Electronic submissionof the 2019 personal income tax return by self-employed individuals (TD1 – Self-employed) …

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Calculations

Δήλωση Εισοδήματος Ατόμου Τ.Φ.1 για το έτος 2019

Σας ενημερώνουμε ότι στην ιστοσελίδα του Τμήματος Φορολογίας έχει αναρτηθεί η Δήλωση Εισοδήματος Ατόμου Τ.Φ.1 για το έτος 2019. Μπορείτε να αναγνώσετε και να περιηγηθείτε στην Δήλωση για να έχετε μια πρώτη άποψη για τις καινοτομίες της, π.χ. εφαρμογή ΓεΣυ από 01 Μαρτίου 2019, Συνεισφορά ΓεΣΥ σύμφωνα με τα εισοδήματα του ατόμου, Υπολογισμός ΓεΣΥ. Επισημαίνεται …

Δήλωση Εισοδήματος Ατόμου Τ.Φ.1 για το έτος 2019 Read More »

Limassol coast

Introducing the New Changes to the Cyprus Investment Programme (CIP)

The Cyprus Government introduced various amendments which aim at securing the Investors’ Interests and to further regulate the Programme. The purpose behind these latest amendments as emphasised by the Minister of Interior, Mr Nikos Nouris, is to deflect the criticism that the Programme facilitates corruption and money laundering, and to put in place new regulations …

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Cyprus and Russia flags

Agreement reached to amend the Cyprus-Russia Double Tax Treaty (DTT)

On 10 August 2020, Cyprus and Russia concluded the negotiations of a new protocol to amend the existing provisions of the Cyprus-Russia tax treaty.  15% WHT on dividend and interest payments According to the agreement reached, the existing withholding tax (WHT) rates on dividend and interest payments made from Russia to Cyprus will increase to 15% subject to certain exceptions noted below.  Exceptions …

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