news
Exemption for submission of Personal tax return for tax year 2022
On 23 September 2022, the Council of Ministers issued a Decree in official Gazette which exempts individuals with gross annual income below 19,500 Euro from the obligation to submit a personal tax return (TD1) for the tax year 2022. As a reminder, back in August 2020,...
New income tax exemptions to attract foreign talent
Cyprus has introduced new rules for income tax exemptions on employment income to attract foreign talent. Income Tax Law (Amendment) (No. 6) of 2022 was published in the official Gazette on 26 July 2022 amending Articles 8 par 21 (the “Specific Exemption”) and Article...
Extension Deadline for the Submission of Income tax for the tax year ended 31 December 2021
The Tax Department of Cyprus announces that in accordance with the decision of the Members of Parliament, which will be published shortly, the deadline for the submission of the tax declaration for Physical Persons (Employee, Pensioner and Self Employed without...
Limited review instead of full scope audit for some Cypriot Companies
The Companies Amending Law 88(I) of 2022 (the “Amending Law”) which was published in the Official Gazette of the Republic of Cyprus on 24/06/2022, introduced certain changes to the Companies Law, in relation to the requirement of audit or review of financial...
Provisional Tax Instalments 2022
All companies and self-employed persons should submit a temporary tax declaration and make two provisional tax instalments during the year of assessment. Reporting deadlines The dates of submission and payment of the provisional and final tax for tax year 2022 are as...
Extension of the deadline for the payment of annual levy for year 2022 to 31/12/2022
On 30 June 2022, the House of Representatives of Cyprus voted for an amendment to the Company Law Cap. 113, extending the deadline for the payment of the Annual Levy by registered companies for the year 2022 from 30 June 2022 to 31 December 2022 (in Greek click here)....
Self-employed tax return with accounts (TD1) and Company’s income tax return (TD4) for 2021 – Available on Taxisnet
The Tax Department of Cyprus announces that the Company’s income tax return (TD4) and Self-employed tax return with accounts (TD1), for the financial year ended 2021 are now available on TaxisNet. The deadline for submission of the tax returns is the 31 March 2023. We...
Release of Revised Standard for Group Audits (ISA600 -revised)
1. Introduction and effective date On 7th April 2022, IAASB released International Standard 600 (Revised), Special considerations- Audit of Group financial statements (including using the work of component auditors, effective for audits of group financial statements...
Cyprus Digital Nomads Visa Scheme
On 15 October 2021, the Council of Ministers approved the introduction of the Digital Nomad Visa Scheme in Cyprus with a ceiling of 100 residence permits, targeting to attract businesses and talent from abroad. On 3rd March 2022, the Council of Ministers increased the...
Notional Interest Deduction
Cyprus Income Tax law has a new tax deduction applicable as from 1.1.2015 under the description Notional Interest Deduction (the "NID") on new capital (the "NC"). The NID is calculated on the amount of new capital introduced in the entity on or after 1.1.2015, by...
Submission deadline extension for the 2020 corporate income tax return (TD4)
On 24 March 2022, the House of Parliament voted the extension of the submission of the 2020 corporate income tax return (TD4) from 31 March 2022 to 31 July 2022. For any assistance please free to contact us.
Revised Policy for employment of third country nationals
On 15 October 2021, the Minister of Finance presented a new integrated strategy for attracting new businesses to Cyprus and encouraging their operations in Cyprus (the “Strategy”) aimed at making Cyprus a Sustainable Business and Commercial Center in the...
Extension of the submission of Beneficial Owners’ data in the Beneficial Owners register of companies and other legal entities- 31 July 2022
On 1st March 2022, the Department of Registrar of Companies and Intellectual Property (DRCIP) has announced further extension for the submission of data of Beneficial Owners in the Beneficial Owners register of companies and other legal entities from 16 March 2022 to...
Exception from obligation to submit Income Tax Return for Individuals-2021
On 4 February 2022, the Council of Ministers issued Decree No 51/2022 relating to the submission of the 2021 Personal Income Tax Return. The decree states that all individuals whose gross annual income is below EURO 19,500 are exempt from the obligation to...
New International Standards on Quality Management – effective by 15 December 2022
Introduction In September 2020, the International Standards on Quality Management approved the ISQM 1, ISQM 2 and the International Standard on Auditing (ISA 220 Revised). The new standards are a response to a series of high-profile audit failures,...