VAT & TAX in Cyprus


Value Added Tax

Non-compliance with VAT regulations can be costly and the fines for failure to comply with the legislation may result in excessive penalties. McMillan Woods Cyprus makes sure to help clients by reviewing their VAT systems to determine their effectiveness. If these are found to be lacking, we help devise the appropriate strategies to mitigate future errors and reduce risks.

VAT Returns And Registration

Trading companies engaged in general trading may register with the VAT authority in Cyprus which when trading within the European Union is mandatory. Registration is compulsory for businesses which have a taxable turnover from the supply of goods in Cyprus in excess of €15,600 during the twelve preceding months.

Our expert team assists clients with:

  • VAT registration
  • VAT investigations
  • Completions and submission of VAT returns.

Intrastat Returns And Registration

In addition to VAT returns, companies trading in Cyprus may be required to complete statistical reports, ‘Intrastat’, on the movement of goods across the national borders. This can include both sales to other companies, but also the movement of goods by the same company.

We assist our clients with:

  • Intrastat Registration
  • Preparation and submission of Intrastat forms.

VIES Returns And Registration

V.I.E.S. declarations are necessary for the supply of goods and services between EU Member States. VAT registered traders involved in the supply of goods and services have reported responsibilities in the form of submitting a V.I.E.S return. This enables traders to check the validity of VAT registration numbers of their customers and detect the unreported movement of zero-rated goods between Member States.

Our team assists our clients with:

  • VIES Registration
  • Preparation and submission of VIES returns

VAT is one of the most complex and stringiest areas of taxation with ever-changing Laws and Legislations. Our always up to date team will guide you to be in compliance with the laws and make sure you are updated with new legislations.

EORI Registration

All Cypriot companies or sole traders involved in cross border economic activities are required to register and apply for an EORI number with the Customs and Excise Department.

If you need to register your company to the EORI registration system, our team of experts are at your disposal with complete information and guidance.

Capital Gains And Immovable Property Tax

Capital Gains Tax in Cyprus is imposed on gains from disposal of immovable property situated in the Republic, including shares of companies not listed on a recognised Stock Exchange which own immovable property situated in the Republic, at the rate of 20%

We consult and assist clients with regards to:

  • Capital Gains Tax
  • Immovable Property Tax

Tax Compliance

Our experienced and qualified team ensures compliance with the current local and international tax legislation which includes the following:

Tax Advisory

  • International tax planning structures
  • Tax review
  • Tax rulings
  • Tax clearance

Tax Administration

  • Registration within the Inland Revenue Department
  • Preparation and submission of annual tax returns
  • Tax Residency Certificates
  • Preparation of annual income tax computations
  • Preparation and submission of Annual Provisional tax declarations
György Gyólai
György Gyólai
March 7, 2024
I have been in an excellent business relationship with Angelo and the team of McMillan Woods Cyprus for many years. They are among my most important partners. Angelo is the most experienced expert in establishing and managing Cypriot companies, as well as in Cypriot tax compliance matters. Angelo is reliable, fair, knowledgeable, and consistent, which I highly appreciate. As a corporate service provider, reliability and expertise are the most important factors for me. Clearly, I wouldn't want to work with any other Cypriot company service provider, only with Angelo and his team.
Maciej Oniszczuk
Maciej Oniszczuk
February 29, 2024
We cooperate for many years. I highly recommend Angelo and his team for their experience, expertise, and exceptional service.
Keane Gibbons
Keane Gibbons
January 18, 2024
January 17, 2024
Professional, helpful team with good availability and communication. I recommend them 10/10.
Bambos Demetriou
Bambos Demetriou
January 2, 2024
I highly recommend Angelo and his team for their experience, expertise, and exceptional service. They understood my financial circumstances and provided tailored advice to help me reach my goals. Their communication skills are excellent, and they are always available to answer questions. They prioritized my best interests and were confident in their abilities. I am grateful for their outstanding service.
Peter Ruggle
Peter Ruggle
December 30, 2023
excellent law firm; hihly experienced and very focused on the clients needs
December 29, 2023
I cannot praise McMillan Woods Cyprus enough for their exceptional professionalism, expertise, and customer service. From the start, their team showcased unparalleled knowledge in both legal and accounting matters. What sets the Company apart is their commitment to delivering not just service, but outstanding experiences. The team's attention to detail, prompt responses, and ability to simplify complex issues have consistently exceeded my expectations. I highly recommend it to anyone seeking top-notch legal and accounting services. Thank you for your unwavering commitment to excellence!
Firoo Cet
Firoo Cet
December 28, 2023
McMillan Woods was recommended to me by a friend, who worked also with them. It was the best decision i could have make. Everything went smooth and fast. They can assist you in nearly everything. Thank you!
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