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Non-payment of the increased contributions to the General Healthcare System (GHS) for the months of April and May 2020

Further to our previous alert with regards to the Tax and VAT measures announced by the Cyprus Government following the Coronavirus outbreak, we hereby provide a clarification with regards to GHS contributions. Following our communication with the Health Insurance Organisation and the Ministry of Finance, we understand that the intention of the Cyprus Government is …

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Tax and VAT measures announced by the Cyprus Government following the Coronavirus outbreak article image

Tax and VAT measures announced by the Cyprus Government following the Coronavirus outbreak

The recent outbreak of COVID-19, is proving to be an unprecedented challenge for humanity. Having been declared a global pandemic by the World Health Organization, the virus is already impacting our day to day lives as well as our businesses. In light of the business disruption caused by the Coronavirus, the Cyprus Government announced a …

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Μέτρα Στήριξης Δημοσιονομικής Φύσεως για Αντιμετώπιση των Επιπτώσεων του Κορωνοϊού που ανακοινώθηκαν από την Κυβέρνηση της Κυπριακής Δημοκρατίας

Ο Πρόεδρος της Κυπριακής Δημοκρατίας και οι Υπουργοί Οικονομικών, Εργασίας, Πρόνοιας και Κοινωνικών Ασφαλίσεων και Υγείας ανακοίνωσαν σε συνέντευξη τύπου την Κυριακή 15 Μαρτίου 2020 σειρά μέτρων για αντιμετώπιση των επιπτώσεων του κορωνοϊού. Παραθέτουμε πιο κάτω περίληψη των μέτρων αυτών. Σημειώστε ότι αναμένεται σειρά διευκρινήσεων για αρκετά από αυτά τα μέτρα εντός των επομένων ημερών, …

Μέτρα Στήριξης Δημοσιονομικής Φύσεως για Αντιμετώπιση των Επιπτώσεων του Κορωνοϊού που ανακοινώθηκαν από την Κυβέρνηση της Κυπριακής Δημοκρατίας Read More »

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Measures of Financial Support to address the Impact of the Coronavirus have been announced by the Government of the Republic of Cyprus

The President of the Republic of Cyprus and the Ministers of Finance, Labor, Welfare and Social Security and Health announced at a press conference on Sunday 15 March 2020, a series of measures to address the effects of coronavirus. The measures which have been announced are summarized below. It should be noted that a number …

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Refund on GHS Contributions article image

Refund on GHS Contributions

On 7 February 2020, the Health Insurance Organization (“HIO”) in exercising the powers conferred to it by the General Health System Legislation (“The Law”) has issued instructions in relation to refunds on GHS Contributions. These instructions lay down the procedure for requesting a refund on GHS contributions paid in excess of the maximum amount on …

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Monthly pay slips

We would like to remind you that base on the law provisions, the employers should at each month end pay the employee and also provide him/her with a pay slip showing the details of the amounts paid and the employee and employers contributions. Our office hereby would like to inform you that we are providing …

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Increase of contribution rates to the GHS

Following the first phase of the newly introduced healthcare system in Cyprus, which came into force on 1 March 2019, we would like to inform you that as from 1 March 2020 the contribution rates to the GHS will increase as shown in the table below. Κατηγορία εισφορών Μέχρι 29 Φεβρουαρίου 2020 % Από 1 Μαρτίου 2020 % A) Μισθωτός/ Συνταξιούχος/ Εισοδηματίας/ Αξιωματούχος …

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Personal income tax deduction: life and private medical insurance premiums, and contributions to social insurance, pension and provident funds, and GHS photo

Personal income tax deduction: life and private medical insurance premiums, and contributions to social insurance, pension and provident funds, and GHS

On 6 December 2019, the House of Parliament approved an increase in the maximum annual tax deduction for life and private medical insurance premiums, and contributions to social insurance, pension and provident funds, and the General Health System (GHS) from an amount equal to one-sixth (1/6th) to an amount equal to one-fifth (1/5th) of an …

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Πληροφορίες για τις Επιχειρήσεις Απόκτηση Μεταχειρισμένων Μεταφορικών Μέσων article photo

Πληροφορίες για τις Επιχειρήσεις Απόκτηση Μεταχειρισμένων Μεταφορικών Μέσων

Για την επιβολή Φ.Π.Α. στις περιπτώσεις απόκτησης μεταχειρισμένου μεταφορικού μέσου(*) από πρόσωπα εγγεγραμμένα στο Μητρώο Φ.Π.Α. άλλου Κράτους Μέλους, θα πρέπει να ληφθούν υπόψη τα ακόλουθα: Α. Εάν στο τιμολόγιο του προμηθευτή αναφέρεται ότι, o Φ.Π.Α. ήταν επιβλητέος επί του περιθωρίου κέρδους (Π.Κ.) τότε μπορεί να χρησιμοποιηθεί το σχέδιο Π.Κ., κατά την πώληση των εν λόγω …

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New administrative penalties for late filings to the Registrar of Companies article photo

New administrative penalties for late filings to the Registrar of Companies:

Following recent amendments to the Cyprus Companies Law, Cap. 113 (“the Law”), the Registrar of Companies will impose administrative penalties on certain filings submitted after the prescribed timeframes as provided by the Law. The imposition of the administrative penalties will be effective from 18 December 2019. In relation to annual returns the administrative penalty to be applied for …

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Non-Recoverable Input VAT

Input VAT is not recoverable in the cases noted below Entertainment expenses except where these are solely for employees; Purchase of saloon car unless used for qualifying purposes (i.e. resale, passenger transport for reward (taxi, bus), rental, or for driver instruction); However, input VAT on running and maintenance expenses of saloon cars is allowable, to …

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Προσωρινή φορολογία για το έτος 2019

Όλες οι εταιρείες φορολογικοί κάτοικοι Κύπρου, φορολογούνται σύμφωνα με την ισχύουσα Φορολογική Νομοθεσία και Κανονισμούς της Κύπρου. Σύμφωνα με τη νομοθεσία και τους κανονισμούς αυτούς, όλες οι εταιρείες που έχουν φορολογικό εισόδημα για το έτος 2019 πρέπει να υποβάλουν στις Φορολογικές Αρχές μέχρι την 31 Ιουλίου 2019, την προσωρινή φορολογική τους δήλωση (Τ.Φ 6), η …

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Cyprus Investment Funds

McMillan Woods Cyprus can help you obtain: A Cyprus Investment Firm License from the Cyprus Securities and Exchange Commission (CySEC) An EU (European Union) Investment Firm License from any other EU Authority An E-Money (Electronic Money) or Payment Institution License from the Central Bank of Cyprus or any other EU Authority A Fund Manager License (AIFM or UCITS Management Company) as well …

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The purpose of VIES

The VIES (VAT Information Exchange System) is the VAT information exchange system with other MS within the framework of administrative cooperation between MS. The information exchanged includes details of registration in the VAT Register and information collected by persons registered in the VAT Register which deliver intra-Community supplies. Obligations of traders under VIES: The provisions …

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