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ACCOUNTING, AUDIT, PAYROLL, COMPLIANCE,
NON-DOMICILE, TAX ADVISORY, ASSURANCE
Below are announcements and articles about audit regulations, taxation and compliance which the Relikor team believes is important for our readers.
The information on this page is correct at the time of publication. Readers are strongly advised to seek expert advice about tax and other issues because regulations can be revised at any time by governments and international regulators.
Deadline to Declare & Pay 2nd Instalment of Provisional Corporate Tax
Προθεσμία Υποβολής 2η Δόση Προσωρινού Φόρου Εταιρειών
Published: 24th November 2023
All Cyprus companies must declare and pay estimated provisional corporate tax for the year 2023 by the 31st December. Please note that under-estimate and/or non-payment will lead to future penalties. Please contact us no later than 15th December, if you need assistance with the preparation and submission of the return. Contact our tax department by email info@relikor.com or call +357 22025795.
Final Solution of the Register of Beneficial Owners
Τελική Λύση του Μητρώου Πραγματικών Δικαιούχων
Published: 17th November 2023
The Department of the Registrar of Companies and Intellectual Property has
announced the implementation of the Final Solution of the electronic system
of the Register of Beneficial Owners (the “BO Register”), effective as of 14
November 2023. For more information about the above announcement, click below.
If you need assistance with registering your details in the Register, contact our compliance department by email info@relikor.com or call +357 22025795.
Double Tax Treaty Between Cyprus & Croatia
Συνθήκη Διπλής Φορολογίας Κύπρου Κροατίας
Published: 10th November 2023
On 27 October 2023, the treaty for the avoidance of double taxation with Croatia was published in the Official Gazette of the Republic of Cyprus. The treaty will enter into force after the necessary legal processes and regulations are completed.
For more information about the above announcement, please contact our tax department by email info@relikor.com or call +357 22025795.
Extension of Deadline for Objections of Tax Assessments Issued in 2023
Παράταση Ενστάσεων για Φορολογικές Εκτιμήσεις που Εκδόθηκαν το 2023
Published: 20 October
Since there was a delay in the distribution of the Notices of tax assessment (Form TD 8), the Tax Commissioner has decided that the right to submit an objection is extended until 31.12.23 for tax assessments issued in 2023 and that no additional tax of 5% will be imposed on tax assessments issued in 2023 which are pending settlement or have a settlement date up to and including 30.11.23, provided that they are settled before 31.12.23. For more information about the above announcement, please contact our tax department by email info@relikor.com or call +357 22025795.
New Deadline for Submission of 2022 Personal Tax Returns is 31.10.23
Υποβολή Προσωπικών Φορολογικών Δηλώσεων Μεχρι 31.10.23
Published: 29 September 2023
Please note that the new deadline for the electronic submission of the 2022 personal tax return by individuals with turnover below €70,000 and payment of the income tax liability (deadline extended from 2 October 2023).
If you need any assistance with the preparation and submission of personal or corporate tax returns, please contact our tax department at least 7 days before the deadline.
Increase in Social Insurance Contributions from 01/01/24
Αύξηση στις Εισφορές Κοινωνικών Ασφαλίσεων από 24/01/24
Published: 22 September 2023
We advise clients that from 1st January 2024, both employers and employees will have an increase of 0.6% in their contributions to the Social Insurance Fund. The new contributions will be 8.9% on the employees’ insurable gross earnings. For clarifications about the new regulation and information about our payroll services, please email info@relikor.com or call +357 22025795.
Tax Treatment of Income from Online Platforms (Airbnb, Booking, etc)
Φορολογία Εισοδήματος από Διαδικτυακές Πλατφόρμες (Airbnb, Booking κα)
Published: 15 September 2023
This week the Cyprus Tax Department issued Circular 10/2023 to clarify the tax treatment of rental income generated from online platforms such as AirBnB, Booking and similar websites. We advise all those involved in property rentals (owners or administrators) to review the above Circular and to ensure compliance in order to avoid penalties. For further information, please contact us.
Deadline for the Cyprus Register of the Beneficial Owners
Καταχώριση Στοιχείων στο Μητρώο Πραγματικών Δικαιούχων
Published: 8 September 2023
The Department of the Registrar of Companies and Intellectual Property, announced that all Cyprus registered companies, European companies (SE), Partnerships and their officers/partners have to register information about the Beneficial Owners in the Cyprus Register of Beneficial Owners, by the 30th September. If you would like Relikor to prepare and submit your submissions, please contact us as soon as possible.
Reminder about Cyprus Tax and VAT Deadlines
Υπενθύμιση για τις Προθεσμίες Φόρου και ΦΠΑ Κύπρου
Date Published: 11th August 2023
Please find in the link below, the important dates and deadlines for submissions and payments of all Cyprus Tax and VAT. Relikor Tax and Vat experts are available to advise clients with more information about the regulations and deadlines. Call us +357-22025795 or email: info @ relikor . com
Submission of Personal Tax Returns 2022 (TD1)
Υποβολή Δηλώσεων Φορολογίας Φυσικών Προσώπων Για Το 2022
Published: 17th July 2023
The Tax Department announced that the TAXISnet website is now accepting submissions for Personal Tax Returns (Form TD1) for individuals for the income year 2022. The submission date was delayed due to changes that had to be made concerning tax exemptions for foreign workers in Cyprus with income over EUR50,000. If you would like Relikor to prepare and submit your personal tax return, please contact us as soon as possible.
Attractive Tax Exemptions For High Income Earners
Ελκυστικές Φορολογικές Εκπτώσεις Για Υψηλά Εισοδηματικά 'Ατομα
Published: 13th July 2023
The Tax Department recently announced amendments for very attractive income tax exemptions (up to 50%) for non-residents of Cyprus. The revised rules have backdated effect as of 1st of January 2022 and concern individuals who were non-residents of Cyprus for a period of 15 years previous to their first employment in Cyprus, and have an annual gross income over €50,000. Before the changes, these exemptions applied only to persons with an annual income of more than €100,000. If you would like further information about Personal and Corporate Taxation in Cyprus, please contact us.
Reduced VAT For Acquisition or Construction of Primary Permanent Residence in Cyprus
Μειομένο ΦΠΑ Για Απόκτηση η Κατασκευή Κύριας και Μόνιμης Κατοικίας Στην Κύπρο
Published: 23rd June 2023
On 16th June 2023 an amendment was published in the Official Gazette introducing changes to the requirements for the application of reduced VAT rate of 5% for the acquisition or construction of primary and permanent residences in Cyprus. From now on, the reduced VAT rate of 5% will apply provided that the residence meets certain criteria.
If you would like further information about VAT regulations and real estate in Cyprus, please contact us.
Extension of Deadline for Submission of Personal Tax Returns 2022 (TD1)
Παράταση Προθεσμίας Υποβολής Δηλώσεων Φορολογίας Φυσικών Προσώπων
Published: 12th June 2023
The Cyprus Council of Ministers issued a decree (No.183/2023) on Friday 9th June 2023 to extend the deadline for the electronic submission of the 2022 Personal Income Tax returns (TD1) to 2nd October 2023. The deadline for the payment of the final tax due by self-assessment is also extended to 2nd October 2023. If you would like Relikor to prepare and submit your personal tax return, please contact us as soon as possible.
Deadline for Submission of Company Temporary Tax for Year 2023
Προθεσμία Υποβολής Προσωρινού Φόρου Εταιρειών για το Έτος 2023
Published: 5th June 2023
Please note all Cyprus companies must inform the Tax Department of the estimated temporary tax for the tax year 2023. We advise our clients to make necessary arrangements for the submission of the tax return and the payment of the relevant tax before 14th July 2023 to avoid any penalties. If you would like Relikor to prepare and submit your tax declarations, please contact us as soon as possible.
Deadline for the Payment of Annual Company Levy 2023
Προθεσμία Πληρωμής του Ετήσιου Τέλους 2023
Date Published: 29th May 2023
We inform our clients that the deadline for the payment of the annual company levy is on 30th June 2023. If you would like Relikor to advise about Cyprus tax and VAT obligations, contact us (tel: 22025795, email: info@relikor.com)
Why Choose Relikor Serv ?
Γιατί Μας Επιλέγουν οι Πελάτες Μας ;
Date Published: 22nd May 2023
Our managing director and professional staff provide efficient services and expert advice for book-keeping, accounting, audit, tax advisory, assurance and compliance. Click button below to read why our clients choose us.
Important Benefits For Employees With 'Cyprus Nomad Visa' Status
Σημαντικά Οφέλη Για Υπαλλήλους Με Βίζα Διαμονής «Nomad»
Date Published: 15th May 2023
The Social Insurance Services of Cyprus recently clarified the obligations for payment of Social insurance contributions for employees who have acquired the ‘Cyprus Nomad Visa’ permit. The important benefit to note is that all employees who have this status and who do not have their usual residence in Cyprus (or Switzerland or EU/EEA member state), are completely exempt from paying the above monthly contributions. For more information about how to acquire the Cyprus Nomad Visa, please contact our office.
Changes in the Method for Payment of Direct Taxes
Αλλαγές στον Τρόπο Πληρωμής Οφειλών Άμεσης Φορολογίας
Date Published: 8th May 2023
The Cyprus Tax Department announced that from 3rd May 2023, all payments for direct taxes have to be done through the Tax Portal (https://taxportal.mof.gov.cy/) and not via the JCCSmart platform. The codes and passwords used in old system of TAXISNet will be valid in the new Tax Portal. If you need any help or advice for the above change, call us (tel 22025795) and ask for our tax adviser. Click below for the official annoucement.
New Regulations for Cyprus Permanent Residency Permits
Νέοι Κανονισμοί για Άδειες Μόνιμης Διαμονής Κύπρου
Date Published: 4th May 2023
The Cyprus Civil Registry and Migration Department announced new requirements for the Permanent Residency by Investment programme (aka ‘Golden Visa’). The new criteria will apply for applications that are submitted from 2nd May 2023 and onwards. The investment amount remains the same but there are changes to other requirements and it is not possible for parents and parents in law of the main applicant to apply. Click button below to read full details of the changes.
Extension of the Deadline for Submission & Payment of VAT
Παράταση Προθεσμίας Υποβολής και Καταβολής Φ.Π.Α
Date Published: 26th April 2023
We inform our clients that the deadline for the for submission and payment of VAT via the online platform Tax For All (TFA) will be extended to 10th May 2023.
If you would like Relikor to prepare and submit VAT for your business, please contact us the latest by 3rd May 2023.
Deadline for Employer's Tax Return (IR7)
Προθεσμία για τη Φορολογική Δήλωση Εργοδότη (IR7)
Date Published: 3rd April 2023
We inform our clients that the deadline for electronic submission of the 2022 Employer’s Tax Return (TD7) is on 31st of May 2023. If you would like Relikor to prepare and submit on your behalf, please contact us the latest by 17th of April 2023.
Reference Rate for Notional Interest Deduction (NID)
Date Published: 18th March 2023
On 16 March 2023, the Tax Department published the yields (rates) of the 10-year government bonds as at 31.12.2022, which increased by 5%, serve as the "reference rate" for the purposes of the calculation of the Notional Interest Deduction (NID) for tax year 2023. The Cyprus NID regulations offer a tax efficient method for Cyprus registered companies to finance their operations through new equity.
Transfer Pricing Documentation FAQs
Date Published: 1st March 2023
Recently, the Cyprus Tax Department published a “Frequently Asked Questions” (FAQs) page on its website with basic guidance on the Transfer Pricing documentation rules that were introduced last year. In particular, it is clarified that Interpretive Circular 3 dated 30 June 2017 with respect to back to back financing transactions no longer applies as from 1st January 2022.
BINANCE REGISTERS AS CRYPTO SERVICE PROVIDER IN CYPRUS
Date Published: 1st November 2022
Binance, a leading crypto exchange received authorization in Cyprus a few weeks ago via its local entity. Binance Cyprus Ltd, was granted registration as a Crypto Asset Services Provider (CASP) by the Cyprus Securities and Exchange Commission (CYSEC). This will allow Binance to offer spot, custodian, staking, and card services, in compliance with the CYSEC AML and CTF requirements.
NEW REGULATIONS FOR AIRBNB OPERATORS IN CYPRUS
Date Published: 1st October 2022
The Deputy Ministry of Tourism of Cyprus announced that all self-catering accommodations in Cyprus that are offered for short-term rentals on online platforms such as AIRBNB, BOOKING.COM and other platforms) should meet certain mimimum standards and they have to be registered in the official Registry of the Deputy Ministry by 06/02/2023.
Relikor is established well-known recommended reliable best financial services firm company advisory associates fiduciary legal attorneys CPA ACCA qualified experienced certified chartered accountants in Cyprus.
We offer services such as accounting auditing tax advice financial services corporate finance bookkeeping book-keeping business advisory compliance risk management business valuation mergers & acquisitions M&A revenue recognition financial reporting cost accounting management accounting cash flow analysis accounting software SAGE INTUIT corporate governance fraud detection AML KYC international taxation global taxation holding company subsidiaries company restructuring Cyprus Auditing Cyprus Accounting Firm Cyprus Audit Services Cyprus Accounting Services Cyprus Auditing and Accounting Cyprus Certified Accountants Cyprus Chartered Accountants UK qualified English Common Law English company law Global Auditing Specialists Financial Accounting Auditing Solutions Global Financial Auditing Solutions Multinational Business Auditing Services Regional Headquartering Head Offices Economic Substance Physical Presence
We are small auditing firm but we are better than a large auditing firm because Flexibility: Small auditing firms usually have fewer auditors, which allows them to be more flexible when it comes to scheduling and adapting to changes in the industry. Cost-effectiveness: Small auditing firms are often more cost-effective than larger firms due to their lower overhead costs and smaller number of staff. Personalized Service: Small auditing firms are typically more personable and offer personalized service to each client. More Focus: Small auditing firms are able to focus more on the individual client’s needs and provide more tailored services. Quicker Turn-Around Time: Small auditing firms are often able to complete their audits more quickly due to fewer staff and lower overhead costs. Access to Resources: Small auditing firms usually have access to a wide range of resources and expertise, including experienced CPAs and auditors with specialized knowledge.
CYPRUS TAX DEDUCTIONS ON R & D EXPENSES
Date Published: 1st August 2022
On 7th July 7th, the Cyprus House of Parliament voted for an extension of tax incentives to attract new investments, boost entrepreneurship and support start-ups. This new regulation incorporates a generous tax deduction on research and development expenses and is effective as of 20th July.
Call Us or Visit Us
Call us +357 2202 5795 to arrange private and free no-obligations consultation or come to our head office located in Nicosia city centre (see location in Google Maps below).
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