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Employer’s Tax Declaration (Form TD7) 2022-Submission Deadline and Compliance
We kindly remind you that the deadline for submitting the Employer's Tax Declaration (Form TD7) for the year 2022 is May 31, 2023. Failure to comply with the submission deadline will result in a penalty of €100. If you require any assistance, please do not hesitate to...
A New Era for Cryptocurrency: EU Tackles Money Laundering and Terrorist Financing
The European Parliament has recently approved new regulations on cryptocurrency tracing in the EU to combat money laundering and terrorist financing. These regulations require service providers to register and implement customer due diligence measures for tracing...
Stay updated on the upcoming tax deadlines for filings and payments in May 2023
10 April 2023 VAT category C 12-2 Extended deadline 10 May 2023 10 May 2023: VAT Category A 1-3 Extended deadline 26 May 2023 Payment of social insurance for self-employed, for January-March 15 May 2023: Vies reporting for April Extended deadline 26 May 2023 31 May...
Obligation to Accept Payments via Credit Cards
Obligation to Accept Payments via Credit Cards The Commissioner of Taxation reminds that, according to article 30A of the Assessment and Collection of Taxes Law (N4/1978), businesses included in the annex of the Decree ΚΔΠ 259/2021, (Obliged) and the amending Decree’s...
Further extension of VIES / VAT returns submission deadline
The tax department has announced an extension for the submission of VAT returns. The new deadlines are as follows: The deadline for VAT returns covering the period from 01/12/2022 to 28/02/2023 has been extended from 10 April 2023 to 10 May 2023. The deadline for VAT...
Application of the zero rate of VAT to essential goods
The Council of Ministers has approved a temporary reduction of the VAT rate for the following products to 0%: bread milk eggs baby food baby diapers products for feminine hygiene protection adult diapers The 0% rate will apply from the day of publication of the decree...
Further extension of VAT returns submission deadline
The Tax Department has recently announced that the deadline for VAT Return submission for the period of 01/12/2022 – 28/02/2023 has been extended to 10 May 2023. We remain at your disposal for further clarifications.
VAT on Covid-19 goods
On 31 March 2023, the Commissioner of Taxation issued an alert indicating that the Council of Ministers has enacted a decree prolonging the 0% VAT on Covid-19 goods for the duration of 1 April 2023 to 31 May 2023. The announcement serves to inform the public of this...
How to Calculate Notional Interest Deduction (NID) for Tax Year 2023
On 16 March 2023, the Tax Department published the yields (rates) of the 10-year government bonds as at 31.12.2022 (link here). These rates increased by 5% and serve as the "reference rate" for the calculation of the NID for tax year 2023. The NID is a tax incentive...
Stay updated on the upcoming tax deadlines for filings and payments in April 2023
10 April 2023 Vat category C 12-2. Extended deadline 26 April 2023 15 April 2023 Vies reporting for March. Extended deadline 26 April 2023 30 April 2023: TD 11: Payment of tax withheld on payments made to non-Cyprus tax residents during the previous month. TD...
Transition from TAXISnet to Tax For All (TFA)
The Commissioner of Taxation issued an alert on 17 March 2023, informing the public of the commencement of the first stage of the new platform Tax For All (TFA), on 27 March 2023. They inform the public that from 27 March 2023, all VAT liabilities will be processed...
Additional FAQs issued by the Cyprus Tax Department with respect to the Transfer Pricing Documentation rules
In continuation of our earlier tax alert released on February 17, 2023, the Cyprus Tax Department (CTD) has recently published three more “Frequently Asked Questions” (FAQs) on transfer pricing documentation rules. These additional FAQs are now available in the...
New FAQs on Transfer Pricing Documentation Rules Issued by Cyprus Tax Department
On 10 February 2023, the Cyprus Tax Department (CTD) issued a new page named "Frequently Asked Questions" (FAQs) on its official website, pertaining to transfer pricing. The FAQs aim to provide preliminary guidance on select aspects of the Transfer Pricing...
Single Tax Administration Portal Tax For All (TFA)- Update of e-mail address
The Tax Department has announced on January 17, 2023, the commencement of the gradual implementation of the new Single Tax Administration Portal - Tax For All -TFA, which will progressively replace (amongst others) the TAXISnet platform. Taxpayers are advised to...
Increase of Insurable amount for Social insurance contributions for the year 2023
For 2023 the insurable amount applicable for social insurance contributions has increased to Euro 60.060 per annum from Euro 58.080 per annum, Euro 5.005 per month from Euro 4.840 per month for monthly paid employees and Euro 1.155 per week from Euro 1.117 per week...