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Tax and VAT measures announced by the Cyprus Government following the Coronavirus outbreak article image
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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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,...
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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
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 photo
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 photo
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
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 photo
VAT refund on the purchase of a plot by a private individual The Cyprus tax authorities announced on 24 September 2019 that individuals who had purchased undeveloped building land on or after 2 January 2018 for the sole purpose of constructing a dwelling to be used as their principal and permanent place of residence would...
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Πληροφορίες για τις Επιχειρήσεις Απόκτηση Μεταχειρισμένων Μεταφορικών Μέσων article photo
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
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 article photo
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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The House of Representatives of the Republic passed the so called Land Bill on 13 November 2017. According to the provisions of the Land Bill, whilst the imposition of VAT on the rentals of immovable property, is effective as of 13 November 2017, the imposition of VAT on u.b.l, is effective as of 2 January...
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Reduction of SDC rate applicable on interest income received by Cyprus tax resident domiciled individuals from corporate bonds. On 26 June 2019 an amendment to the Special Defence Contribution (SDC) Law was published in the Official Government Gazette. According to the amendment, effective from 26 June 2019, the SDC rate applicable on interest income received...
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New IP regime The provisions of the new IP regime are effective from 1 July 2016. According to the new regime, qualifying intangible asset means an asset which was acquired, developed or exploited by a person in the course of carrying on a business and which constitutes intellectual property, other than marketing related intellectual property...
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Losses carried forward for Companies: Companies may carry forward tax losses incurred during a tax year over the next five years to be offset against taxable income. Group relief: Current year tax losses may be surrendered by one Cyprus tax resident group company to another. A group company which is tax resident in another EU...
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Corporate entities (including permanent establishments of foreign companies in Cyprus) will be entitled to a Notional Interest Deduction (NID) on new equity which has been introduced to a business on or after 1 January 2015. The NID aims to reduce corporate debt and encourage new equity. New equity may be contributed in cash or in...
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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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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 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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A physical or legal person established in the Republic of Cyprus whose taxable-transactions value of the goods and services that were carried out over the 12 preceding months period, or which will be carried out within the next 30 days has exceeded or will exceed €15,600 Person (physical or legal) who makes acquisitions (from other...
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