Payroll Services in Cyprus
PAYROLL SERVICES ARE AVAILABLE FOR CYPRUS AND INTERNATIONAL BUSINESS COMPANIES.
Payroll services are provided to companies which employ staff in Cyprus and abroad. The services are available for Cyprus and International Business Companies.
Cypriot Laws Relating To Payroll Include
- Social Insurance: this is compulsory and covers all persons gainfully employed in Cyprus. Social insurance contributions are made by the employer, the employee and the state.
- Annual Paid Leave: every employee is entitled to 21 days of annual leave.
- Termination of Employment: this law regulates all matters, obligations and rights relating to terminating a staff member’s employment.
- Social Pension: a state pension is available to females above the age of 63 and 65 for males. The paid-out pension is relative to the contributions made.
- Pay as you earn: the Pay as you Earn system (PAYE) applies to all salaries, wages, directors’ emolument, pensions and fringe benefits. PAYE is applicable to all resident and non-resident employees in Cyprus. Tax residents in Cyprus get taxed on their worldwide income while non-resident employees are taxed on the income they generate in Cyprus. It is the employee’s obligation to pay it, and the employer deducts it at source every month.
Standard Payroll Services
- Payroll calculation which can be processed monthly or weekly, based on the client’s preference
- Monthly calculation and payment of social insurance and tax contributions to the authorities
- Preparation and distribution of payslips at the end of each payroll run
- Payment to employees’ personal accounts through online banking transfers.
- Registration of new employees for income tax and social insurance
- Registration of the company for income tax and social insurance
- Obtaining a yellow slip for foreigners if required
- Preparation and distribution of annual payroll forms (IR63) to employees
- Preparation and submission of the annual payroll form (IR7) for the company to the authorities
- Obtaining a tax clearance certificate from the Social Insurance Department for expatriate employees for the purposes of renewal of their work permit.
December 5, 2023
Best service, on time, efficient and always professional.
November 16, 2023
The best ❤️❤️❤️
August 25, 2023
The partner Angelo Aristodimou is an inspiring professional. He is dedicated to serving members of teh Network targeting good service to his clients as well as others who turn to the McMillan Woods Network. Thank you Angelo for all you did for our office in Lebanon!
August 12, 2023
Professional and pleasant to work with
August 7, 2023
We work online, but he’s the best accountant I’ve ever worked with!
April 28, 2023
Excellent accountants! Throughout the entire process, they went above and beyond to ensure that all of my accounting needs were met in a timely and efficient manner. They were always available to answer any questions I had and provided expert advice that helped me make informed decisions about my company.
March 17, 2023
February 8, 2023
Studio affidabile e super professionale. Ci hanno seguito passo per passo nel nostro trasferimento a Cipro. Consigliatissimo