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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,...
Extension of the deadline of forms T.D.602 and T.D.603
The deadline for the electronic submission of the declarations for Special Defence Contribution (SDC) and General Healthcare System (GHS) contributions withheld on interest (T.D. 602) and dividend payments (T.D. 603), extended to 31 March 2022. Submissions made after...
Deadline for the electronic submission of declarations of withheld Special Defence Contribution (SDC) and General Healthcare System (GHS) contributions from Interest and Dividend payments- 31 January 2022
New tax forms The Tax Department has issued new forms regarding declarations of withheld Special Defence Contributions (SDC) and General Healthcare System (GHS) contributions from Interest (T.D.602) and Dividends (T.D.603/T.D.623). Deadlines The deadline for the...
Using automated tools and techniques on audit planning
Introduction Digital is a way of life! Almost everything that we do involves some form of interaction with technology. Organisations are heavily investing in digital transformation and changing their business models to become more customer and data centric....
Shell entities EU Directive proposal
The European Commission has published on 22 December 2021 the Council Directive laying down rules to prevent the misuse of shell entities for tax purposes.
Deadline for provisional tax and second tax instalment 2021
The deadline for the submission of a revised provisional tax calculation for 2021 (if needed) and the payment for the second provisional tax instalment for 2021 is at 31 December 2021. Taxpayers are reminded that the 2021 temporary tax assessment may be revised by any...
Reminder: Deemed dividend distribution
This is a reminder of the approaching deadline for the Special Defence Contributions (SDC) and General Health System (GHS) contributions on Deemed Dividend Distributions (DDD) for the 2019 tax year that need to be settled by 31 January 2022. Scope of the...
Νo imposition of administrative fines for submission of tax returns until 6 December 2021
On 1 December 2021, the Ministry of Finance has announced that there will be no imposition of administrative fines for the submission of the following tax returns until the 6th of December 2021: Electronic submission of the 2019 Corporate Income Tax return (form...
Circular 54: Clarification of the 10% additional tax for other income other than employment income
On 19 October 2021 the Commissioner of Taxation issued a Circular, which makes clarification in relation to the imposition of a 10% additional tax for employees with income other than employment income. The Circular refers to Article 24 and 26 of the Assessment and...