income tax Archives

Income Tax 2019 – extension of submission and payment date

Kyriacos.soc2020-06-23T09:54:38+03:0023/06/2020|Tax Updates|

ANNOUNCEMENT The Tax Department announced that the date of submission of the 2019 Income Statement for: (a) employees and retirees (IR1) and (b) self-employed whose turnover does not exceed € 70,000 (IR1 self-employed), as well as the payment of the corresponding tax, is extended until October 30, 2020 at 23:59 (ΚΔΠ 247/2020). It should be noted that that the obligation to submit an Income Statement (IR1) form for the year 2019, arises ONLY [...]

Incorporation Calculator – Your tax saving

Kyriacos.soc2019-02-04T10:19:39+02:0031/01/2019|Resources, Tax Updates|

The most common question when it comes to the decision to incorporate your business is "What will be my tax saving?". Our incorporation calculator aims to provide a quick answer to what will be your tax saving from from incorporating your business. However, the decision to incorporate your business should take into account other benefits in addition to tax savings. Incorporating a business offers a range of benefits including protections of the owners [...]

Profit Extraction Form

Kyriacos.soc2018-07-19T12:56:08+03:0018/07/2018|Resources, Tax Updates|

The main (and most commonly used) routes for business owners to extract profits from their companies are through salary or dividends payments. Use our Profit Extraction Form to assist determine your ideal profit extraction strategy. The key determination on the method used is the benefit to the owner in terms of the net amount remaining to be distributed after the payment of all applicable taxes including income tax, corporation tax, special defence and [...]