We would like to inform you that on the 1st of November 2022, the Cyprus Tax Department issued Circular Νο. 10/2022 clarifying the application of the new 20% and 50% income tax exemptions for employment income, together with a range of practical examples. One important clarification of the circular is the term “first employment”, which specifies that an […]
Create a virtual office Opening a virtual office is possible for small companies that need to comply with the laws of Cyprus, but do not have a large budget. Thus, they can comply with the requirements while reducing their costs. Create a physical office Another option is to rent a physical space. In this case,
We would like to inform you that in accordance with the announcement by the Cyprus Tax Department, the deadline for the electronic submission of the 2021 Personal Income Tax returns (IR1), as well as for the payment of the final tax due is extended up to 31 August 2022. The submission is obligatory for employees, pensioners
We hereby remind you that the deadline payment of 2021 tax balance (Form IR158) by companies and individuals submitting audited financial statements is due by 1st of August 2022. Please be also reminded that late payment may result penalties. The above is for informative purposes only. Further professional advice should be sought for each particular case. Our
The Cyprus parliament on the 30th of June 2022 approved the extension of the deadline for the payment of the annual levy tax for the year 2022 to the Department of Registrar of Companies and Intellectual Property from 30th of June 2022 to 31st of December 2022. The above is for informative purposes only. Further professional
We kindly remind you that submission of 2022 provisional tax return and payment of the first instalment of Provisional Tax by both individuals and companies is due by 31 July 2022. Provisional Tax – 1st Installment The provisional tax return requires the estimation of the provisional taxable profit for the current year and the payment of
We would like to kindly remind that in accordance with the Companies Law all registered entities in Cyprus are obliged to pay the Annual Registrar Fee of €350, payable until 30 June 2022. Please be also reminded that late payment may result in the following penalties: 10% penalty when there is up to 2 months
On 13 May 2022 the Cyprus Securities and Exchange Commission (“CySEC”) announced the launch of the online platform for the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (“CyTBOR”), which commenced operation on 17 May 2022. This announcement follows the Directive on the Prevention and Suppression of Money Laundering and Terrorist Financing (Regulatory Administrative Act 257/2021) which provides information and guidance
On May 10, the Cabinet of Ministers of Cyprus approved a new tax incentive scheme aimed at attracting foreign companies and highly skilled labor to the country. Under the new scheme, those highly qualified professionals who earn at least €55,000 per year will be eligible for a 50% tax rebate. The tax credit will be
We would like to remind that the electronic submission of Employers’ Return and employees’ details for the total payroll of the year 2021 (IR7 form) is due latest by 31 May 2022. The IR7 form entitled “Employer’s Return of Employees” is a summary statement of employees’ data, statement of P.A.Y.E. lodgements for the previous year of assessment
As announced by the Cyprus Tax Department on 8 April 2022, the submission of the income tax returns for individuals (form IR1) for the year 2021 has started and is now available via TaxisNet portal. The submission is obligatory for employees, pensioners and self-employed persons whose gross total income for the year 2021 exceeded €19,500. The deadline
Revised Policy for the Employment of Third-Country Nationals Applicable to employees of foreign companies operating in Cyprus or foreign companies wishing to establish a presence in Cyprus. Issuance of temporary residence and employment permits in Cyprus. – Applies to third-country nationals with minimum gross salary of €2,500, provided that they possess a university diploma or title, or
We would like to inform you that the deadline for mandatory filing of beneficial owners details in the Beneficial Owners Register of companies and other legal entities was extended until 31 July 2022. The above is for informative purposes only. Further professional advice should be sought for each particular case. Our firm does not accept any responsibility for
