2nd Provisional Tax / Temporary Tax 2020 Cyprus Provisional Tax Calculation 2nd Self Assessment 2020 Temporary tax assessments Taxpayers must submit their 1st and 2nd temporary tax return before the 31st of July and 31st of December of each year, respectively, based on their estimated current year’s taxable income and pay the corresponding temporary tax. The temporary tax payments must be made [...]
Extension of Income Tax Form Deadline for 2019 Cyprus Tax Update Tax Update The Tax department announced today (20/10/2020) that the deadline for submitting the electronic income declaration for 2019 for employees and self-employed (Form IR.1 employee), whose gross income exceeds €19,500, as well as the payment of the final tax due according to their income tax form (self-assessment) for 2019, is [...]
Easily calculate your Cyprus Dividend Taxes Using our Dividend Tax calculator Our dividend tax calculator quickly calculates the defence and GHS (GESY) contribution. Moreover, our calculator takes into account your tax residency, country of domicile and other GHS contributions to correctly calculate your dividend taxes. It is so simple, you only need to enter your gross dividends, select the dividend distribution period and the rest is done automatically. Click to Access Our calculator [...]
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 [...]
Download our Quarter 2 2020 NewsletterThis version of our newsletter covers the following areas: Deadline extensions and other supporting measures introduced by: The Tax Department The Registrar of Companies The ministry of Labour, Welfare and Social Insurances Cyprus Securities and Exchange Upcoming (updated) tax deadlines and how we can assist you List of Important and Existing resources and calculators to assist with your daily business and tax requirements
The Tax Department (“TD”) has published an Informative Guide which explains the tax treatment of certain benefits offered by employers to employees and persons who hold or are deemed to hold an office. The Informative Guide provides clear guidelines as to the proper valuation of the benefits in kind, for the purpose of consistency, clarity and uniformity, clearing any ambiguities. In addition, the TD issued Circular 32 and Circular 37 both of which provide additional [...]
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 [...]
As of 1 January 2019, the employer and employee social insurance contribution rates have both increase by 0.5% - i.e. from 7.8% to 8.3%. Social Insurance and other funds rates Employer Employee Self-employed % % % Social Insurance Fund 8,3 8,3 15,6 Redundancy Fund 1,2 - - Industrial Training Fund 0,5 - - Social Cohesion Fund 2,0 - - Central Holiday Fund (can ask for exception) 8% - - Contributions to the [...]
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 [...]
We are delighted to introduce our expanded range of services and to be able to call ourselves Certified Public Accountants and Registered Auditors. Our firm is now regulated by ICPAC ("Institute of Certified Public Accountants in Cyprus") and has obtained license to provide Accounting (E989/G/2018) and Audit services (E989/A/2018). On top of our specialised internal audit services, our services have now been expanded to cover external audit & assurance services, accounting services including payroll [...]
