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ACCOUNTING . AUDIT . TAX ADVISORY
COMPLIANCE . NON-DOMICILE . ASSURANCE
NEWS & UPDATES
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.
Confirmation Of Data In The Cyprus Register Of Beneficiary Owners
Επιβεβαίωση Στοιχείων Στο Μητρώο Πραγματικών Δικαιούχων
Published: 27 September 2024
All Cyprus registered companies and cooperatives and/or their respective directors/partners have to enter the online Beneficial Owners Register system, in the period 1st October to 31st December 2024, to confirm the details of the ultimate beneficial owners (UBO) or the senior management officials (whichever applies in each case). If the above confirmation is not done, regardless of any criminal liability or prosecution of any individual, the organization and each of its officers/partners will be subject to a heavy financial penalties.
If you need advice for the above, please contact the Relikor Compliance department.
New Regulations For The 'EU Remote Employer Scheme' For Employees Working In Cyprus For EU Based Employers
Published: 17 September 2024
Cyprus has now adopted regulations for remote employer payroll scheme whereby a EU based Company can hire employees working in Cyprus, without the need to establish a physical presence in Cyprus with a branch office or local company. The only requirement is that the overseas company must appoint a local audit and accounting firm, who will undertake the initial documentation and monthly submissions to the social security and income tax offices. As before, non-EU employers are required to establish a Cyprus company if they have employees working in Cyprus.
Υπενθύμιση Για Υποβολή Δήλωσης Εισοδήματος Ατόμου Έτος 2023 (ΤΦ1)
Reminder For Submission Of Personal Income Tax For Year 2023 (TD1)
Published: 6 September 2024
Σας υπενθυμίζουμε ότι η τελευταία ημερομηνία υποβολής της Δήλωσης Εισοδήματος Ατόμου για το έτος 2023 και πληρωμής του οφειλόμενου φόρου είναι η 31η Οκτωβρίου 2024. Η υποχρέωση υποβολής Δήλωσης Εισοδήματος Ατόμου έχουν Μισθωτοί, Συνταξιούχοι και Aυτοεργοδοτούμενοι των οποίων το Μεικτό Ολικό Εισόδημα για το έτος 2023, υπερβαίνει το ποσό των €19.500. Αν θέλατε να υποβάλλουμε τη προσωπική φορολογική δήλωση σας, επικοινωνήσετε μαζί μας το συντομότερο δυνατό.
Warning For Inspections Of Residential Real Estate
Purchased With Preferential 5% VAT
Published: 23 August 2024
Tax department staff are making site inspections of residential real estate to identify properties that were declared as private residences and therefore paid the preferential VAT rate of 5% instead of 19%, but they were being used for commercial purposes (AirBnB, short term or long term). Non-compliance with the original declaration means owners are obliged to pay additional 14% VAT and penalties. We advise clients who have similar properties, to comply and voluntarily pay the additional VAT, to avoid any penalties. If you need advice for the above, please contact the Relikor Tax department.
Reminder To Update The Cyprus Register Of Beneficiary Owners
Υπενθύμιση Για Ενημέρωση Του Μητρώου Πραγματικών Δικαιούχων
Published: 9 August 2024
Ο Έφόρος Εταιρειών ανακοινωσε ότι εταιρείες, συνεταιρισμούς και αξιωματούχους οι οποίοι δεν έχουν ενημερώσει μέχρι τώρα το Μητρώο Πραγματικών Δικαιούχων (ΜΠΔ), όπως προβούν άμεσα στις απαραίτητες ενέργειες. Tυχόν παράλειψη η καθυστέρηση ενημέρωσης, συνεπάγεται σε χρηματικές επιβαρύνσεις όπως αυτές προβλέπονται στην Οδηγία Κ.Δ.Π. 112/2021. Σας υπενθύμιζουμε ότι τα στοιχεία που αφορούν τους Πραγματικούς Δικαιούχους (ιδιοκτήτες) των εταιρειών είναι τα φυσικά πρόσωπα που έχουν το τελικό ιδιοκτησιακό καθεστώς ή τον τελικό έλεγχο των εταιρειών. Αν θέλατε πληροφορίες για τo πιο πάνω, επικοινωνήσετε μαζί μας το συντομότερο δυνατό.
Introduction Of The 'EU Blue Card' For Highly Skilled
Non-EU Citizens Working In Cyprus
Published: 26 July 2024
The Cyprus House of Representatives approved a law to transpose provisions of the EU Directive 2021/1883 regarding ‘Blue Cards’ into the Aliens and Immigration Law, Cap. 105. The Blue Card is a special type of residence and work permit issued in many EU countries for highly qualified foreign nationals from non-EU countries. Employer organizations welcomed this development because it help to attract and retain highly skilled non-EU national individuals in many sectors which are facing shortages in the Cypriot labour market.
Extension Of Deadline For Submissions Of Retained Taxes And Contributions (TD7) For Tax Years 2019 And After
Παράταση Ημερομηνίας Υποβολής Δηλώσεων Παρακράτησης Φόρου Και Εισφορών Που Δεν Έχουν Υποβληθεί Για Τα Έτη 2019 Και Μετά (ΤΦ7)
Published: 5 July 2024
Σας ενημερώνουμε ότι παρατείνεται μέχρι την 31η Οκτωβρίου 2024 χωρίς την επιβολή Διοικητικού Προστίμου, των Δηλώσεων Παρακράτησης Φόρου & Εισφορών (ΤΦ7) που δεν έχουν υποβληθεί στην καθορισμένη ημερομηνία και οι οποίες αφορούν τα έτη από το 2019 και μετέπειτα. Αν θέλατε πληροφορίες για τo πιο πάνω, επικοινωνήσετε μαζί μας το συντομότερο δυνατό.
Extension Of Deadline For Submissions Of Personal Income Tax Declaration For Tax Year 2023
Παράταση Ημερομηνίας Υποβολής Δήλωσης Εισοδήματος Ατόμου
Για Το Έτος 2023
Published: 28 June 2024
Σας ενημερώνουμε ότι παρατείνεται μέχρι την 31η Οκτωβρίου 2024, η ημερομηνία υποβολής της Δήλωσης Εισοδήματος Ατόμου για το έτος 2023 και πληρωμής του οφειλόμενου φόρου. Αν θέλατε να υποβάλλουμε τη προσωπική φορολογική δήλωση σας, επικοινωνήσετε μαζί μας το συντομότερο δυνατό.
Submission Of Provisional Corporate Tax Returns For Tax Year 2024
And Payment Of The First Instalment By 31 July 2024
Υποβολή Δήλωσης Προσωρινής Εταιρικής Φορολογίας Και Πληρωμής
Της Πρώτης Δόσης Μέχρι Την 31 Ιουλίου 2024
Published: 14 June 2024
'Oλες οι Κυπριακές εταιρείες και αυτοεργοδοτούμενοι, οφείλουν να δηλώσουν την εκτιμώμενη προσωρινή φορολογία για το έτος 2024 στην διαδικτυακή πύλη TAXISnet. Η τελευταία ημερομηνία υποβολής της δήλωσης και πληρωμής της πρώτης δόσης είναι η 31 Ιουλίου 2024. Επικοινωνήσετε μαζί μας μέχρι 15 Ιουλίου, για να κάνουμε τις απαραίτητες διευθετήσεις για την έγκαιρη υποβολή της δήλωσης σας.
Cyprus Tax Calendar For Period From 01.06.24 to 31.07.24
Φορολογικό Ημερολόγιο Για Την Περίοδο Από 01.06.24 Μέχρι 31.07.24
Published: 3rd June 2024
Please click button below to see important deadlines for submissions to the Tax Department for the 2 month period from 1st June 2024 to 31st July 2024.
If you need any assistance with tax submissions, please contact the Relikor tax department (+357 22025795).
Online Submissions Of Personal Income Tax Declaration For Tax Year 2023
Υποβολή Δήλωσης Εισοδήματος Ατόμου Για Το Έτος 2023
Published: 28 May 2024
The submission of the Personal Tax Return (TD1) for the Year 2023, has now begun through the online TAXISnet portal. All Employees, Pensioners and Self-Employed, who are tax resident in Cyprus and whose total gross income for the year 2023 is over €19500, are obliged to submit the Personal Tax Return (TD1) for the Year 2023. If you need any assistance with the above announcement, please contact the Relikor tax department (+357 22025795).
Submission Of Solemn Declaration To Claim Reduced VAT
For Purchase Or Renovation Of Residential Property
Υποβολή Υπεύθυνης Δήλωσης Για Την Επιβολή Μειωμένου Συντελεστή ΦΠΑ Για Την Αγορά η Επιδιόρθωσης Κατοικίας
Published: 21st May 2024
The Tax Department announced that from May 27, 2024, individuals who wish to claim reduced VAT (5.0%) for the purchase or renovation of residential property in Cyprus, must make an online submission of the Solemn Declaration, in the Tax For All (TFA) portal. When the application is approved, they will be able to download the official Certificate of Reduced VAT. If you need any assistance with the above announcement, please contact the Relikor tax department (+357 22025795).
'Green' Tax Incentives With Increase In Capital Allowances For Companies
‘Πράσινα' Φορολογικά Κίνητρα Με Αύξηση Κεφαλαιουχικών Εκπτώσεων
Published: 15 May 2024
Δημοσιεύτηκε στην Επίσημη Εφημερίδα της Δημοκρατίας τον Νόμο Ν.45(Ι)/2024 σύμφωνα με τον οποίο, θα παραχωρούνται αυξημένες κεφαλαιουχικές εκπτώσεις για κεφαλαιουχικές δαπάνες, εντός των φορολογικών ετών 2023-2026, για βελτίωση της ενεργειακής απόδοσης, συστήματα ανανεώσιμων πηγών ενέργειας, μπαταρίες αποθήκευσης ηλεκτρικής ενέργειας και αγορά ηλεκτρικά οχήματα. Αν θέλετε περαιτέρω πληροφορίες, επικοινωνήστε με το Τμήμα Φορολογίας της Relikor.
Final Deadline To Submit Employer's Declaration For Contributions Withheld On Salaries Paid in Year 2023
Τελευταία Ημερομηνία Δήλωσης Εργοδότη Παρακράτησης Φόρων και Εισφορών (ΤΦ7) Για Το Έτος 2023
Published: 2 May 2024
Υπενθυμίζουμε ότι η προθεσμία ηλεκτρονικής υποβολής της δήλωσης εργοδότη για παρακράτηση φόφων και εισφορών για το έτος 2023 (Φόρμα ΤΦ7) είναι η 31η Μαΐου 2024. Εάν θέλετε η Relikor να ετοιμάσει και να υποβάλει τη πιο πάνω δήλώση εκ μέρους σας, επικοινωνήστε μαζί μας το αργότερο μέχρι τις 13 Μαΐου 2024.
Reference Rates For 'Notional Interest Deduction' (NID)
For Cyprus Companies For 2024
Published: 12th April 2024
The Cyprus Tax Department announced the interest yields of the 10-year government bonds for a number of countries as at 31st December 2023. These interest yields represent the “reference rate” for the purposes of granting tax allowance on new capital as per article 9B of the Income Tax Law N.118(I)/2002, as amended. To learn about the benefits of using NID for tax planning, contact the Relikor Tax department and for a complete list of reference rates per country, click on the button below.
Cyprus Tax Calendar For Period From 01.04.24 to 31.05.24
Φορολογικό Ημερολόγιο Για Την Περίοδο Από 01.04.24 Μέχρι 31.05.24
Published: 2nd April 2024
Please click button below to see important deadlines for submissions to the Tax Department for the 2 month period from 1st April 2024 to 31st May 2024.
Inspections To Examine Compliance With Regulations For Payment Of Stamp Duties For Property Related Contracts
Εκστρατεία Ελέγχου Συμμόρφωσης Των Προνοίων Του Πέρι Χαρτοσήμων Νόμου Για Συμβόλαια Ακινήτων
Published: 2nd April 2024
Το Τμήμα Φορολογίας εξέδωσε ανακοίνωση για να υπενθυμίσει το κοινό ότι καταβάλλεται τέλος χαρτοσήμου για συμφωνίες που αφορούν ακίνητα που βρίσκονται στην Κυπριακή Δημοκρατία, ανεξάρτητα από το αν η συμφωνία υπογράφηκε στην Κύπρο ή στο εξωτερικό. Τους επόμενους μήνες θα γίνουν έλεγχοι στον κατασκευαστικό κλάδο για να εξεταστεί η ορθή εφαρμογή των κανονισμών πληρωμής του τέλους χαρτοσήμου.
Cyprus Tax Calendar For The Period 01.04.24 to 31.05.24
Φορολογικό Ημερολόγιο Για Την Περίοδο 01.04.24 Μέχρι 31.05.24
Published: 30th March 2024
Click the button below to see the important deadlines for submissions and payments to the Tax Department for the 2 month period from 1st April 2024 to 31st May 2024.
Πατήστε το κουμπί παρακάτω για να δείτε τις σημαντικές ημερομηνίες υποβολής φορολογικών δηλώσεων και πληρωμών για το δίμηνο από 1 Απριλίου 2024 έως 31 Μαΐου 2024. Αν επιθυμείτε περαιτέρω πληροφορίες για την πιο πάνω ανακοίνωση, επικοινωνήστε με το Τμήμα Φορολογίας της Relikor Serv (τηλ 22025795).
Cancellation of Annual Company Levy For The Year 2024 And Afterwards
Κατάργηση Ετήσιου Τέλους Εταιρειών Για Το ‘Ετος 2024 Και Μετά
Published: 26th March 2024
Σύμφωνα με τον περί Εταιρειών (Τροποποιητικό) Νόμο 2024, Ν.25(Ι)/2024, ο οποίος δημοσιεύτηκε στην Επίσημη Εφημερίδα της Δημοκρατίας στις 15 Μαρτίου 2024, το Ετήσιο Τέλος των εταιρειών που είναι εγγεγραμμένες στο Μητρώο του Εφόρου Εταιρειών, καταργείται για το έτος 2024 και μέτα. Εταιρείες οι οποιοί έχουν ήδη πληρώσει το ετήσιο τέλος του έτος 2024, θα γίνει επιστροφή τελών. Σας υπενθυμίζουμε ότι τα ετήσια τέλη για τα έτη από 2011 μέχρι 2023 συνεχίζουν να ισχύουν.
Final Deadline To Submit Details In Cyprus Registrar of Beneficial Owners
Τελευταία Ημερομηνία Καταχώρησης Στοίχειων Στο Μητρώο Πραγματικών Δικαιούχων
Published: 22nd March 2024
Υπενθυμίζεται ότι είχε δοθεί παράταση μέχρι 31 Μαρτίου για την καταχώρηση των πραγματικών δικαιούχων εταιρειών στο ηλεκτρονικό μητρώο του τμήματος εφόρου εταιρειών. Από την 1 Απριλίου 2024 τίθενται σε εφαρμογή οι χρηματικές επιβαρύνσεις και άλλες κυρώσεις, σύμφωνα με τις πρόνοιες του περί της Παρεμπόδισης και Καταπολέμησης της Νομιμοποίησης Εσόδων από Παράνομες Δραστηριότητες Νόμου και της Οδηγίας ΚΔΠ112/2021.
Reduction In Penalty For Delayed Submission Of Company Annual Reports
Μείωση Χρηματικής Επιβάρυνσης για Εκπρόθεσμη Καταχώριση Ετήσιων Εκθέσεων
Published: 14th March 2024
Το Τμήμα Εφόρου Εταιρειών και Διανοητικής Ιδιοκτησίας ανακοινώνει ότι σύμφωνα με τον περί Εταιρειών (Τροποποιητικό) Νόμο 2024, Ν.18(Ι)/2024, ο οποίος, το ανώτατο όριο χρηματικής επιβάρυνσης για τις Ετήσιες Εκθέσεις με ημερομηνία σύνταξης για τα έτη 2021 και εντεύθεν, δεν θα υπερβαίνει τα €150 για κάθε παράβαση.
Αν επιθυμείτε περαιτέρω πληροφορίες για την πιο πάνω ανακοίνωση, επικοινωνήστε με το Τμήμα Φορολογίας της Relikor Serv (τηλ 22025795).
Submission of Withholding Taxes & Contributions (TD7) for 2024 via
TAX FOR ALL platform
Υποβολή Δήλωσης Παρακράτησης Φόρων & Εισφορών (ΤΦ 7) για 2024 μέσω TAX FOR ALL
Published: 29th February 2024
Σύμφωνα με ανακοίνωση του Τμήματος Φορολογίας ημερομηνίας 21.01.24, η Δήλωση Παρακράτησης Φόρων και Εισφορών (ΤΦ7) για το έτος 2024 και μετά, πρέπει να υποβάλλεται μέσω του συστήματος Tax For All (TFA) και όχι μέσω του συστήματος TAXISnet, όπως η μέχρι σήμερα διαδικασία. Για το έτος 2024 πρέπει να υποβληθεί ΜΟΝΟ η ετήσια Δήλωση εντός του έτους 2025, ενώ για τα επόμενα χρόνια πρέπει να υποβάλλονται και μηνιαίες Δηλώσεις.
Revised Deadline for Payments of Defence Tax (614) and National Health Contribution (714) on Rents Paid by Legal Entities
Αλλαγή στην Καταβολή Παρακράτησης Έκτακτης Αμυντικής Εισφοράς (614) και Εισφοράς ΓεΣΥ (714) σε Πληρωτέα Ενοίκια Νομικών Προσώπων
Published: 23rd February 2024
According to an announcement of the Tax Department, a legal entity that pays rent, must pay Defense Tax on rents paid (tax code 614) and National Health contribution on rents paid (tax code 714), every first and second semester of the year, i.e. by 30th June 30 and 31st December. Previously, the obligation to pay the above two contributions was monthly. If you need any assistance with the above announcement, please contact the Relikor tax department (+357 22025795).
Exemption from Payments to Central Agency for Equal Burden Distribution
Απαλλαγή από Πληρωμές στο Κεντρικό Φορέα Ισότιμης Κατανομής Βαρών
Published: 13th February 2024
According to Amendment of Law for Central Agency for Equal Burden Distribution, published in the Official Gazette of the Republic dated January 26, 2024, no fees are imposed from 22 February 2021 in cases of transfer of immovable property or company shares in the context of loan restructuring, on the amount of the sale price or the appraised value, which is used to reduce or repay non-performing loans.
If you need any assistance with the above announcement, please contact the Relikor tax department by email info@relikor.com or call +357 22025795.
Deadline for Submission of DAC7 Declarations - 16.02.24
Προθεσμία Yποβολής Δηλώσεων DAC7 - 16.02.24
Published: 6th February 2024
In late 2023, Cyprus transposed into its legislation, the relevant EU DAC7 Directive, regarding the mandatory exchange of information in relation with the cross-border and non-cross-border transactions of platform operators. For Cyprus companies, the first reporting deadline for the DAC7 regulation, is 16th February 2024.
If you need any assistance with preparation and submission of DAC7 declaration, contact our compliance department by email info@relikor.com or call +357 22025795.
Advertising Campaign in Social Media (Facebook, Instagram, LinkedIN)
Διαφημιστική Εκστρατεία στα Μέσα Κοινωνικής Δικτύωσης
Published: 30 January 2024
A few weeks ago, the Relikor marketing department launched an advertising campaign with regular posts in social media, with tax and compliance news and accounting advice and tips.
Follow us on Facebook, Instagram or LinkedIN to keep up to date with our news.
New Deadline for Final Solution of the Register of Beneficial Owners
Παράταση για Υποβολή Δηλώσεων στο Μητρώου Πραγματικών Δικαιούχων
Published: 17th January 2024
The Department of the Registrar of Companies and Intellectual Property has
announced that the deadline for the submission of UBO details in the Final Solution of the Register of Beneficial Owners, has been extended to 31st March 2024. Non-compliant companies and their officers will be subject to heavy penalties after this deadline. If you need assistance with registering details in the Register, contact our compliance department by email info@relikor.com or call +357 22025795.
Cyprus Tax Calendar For Period 01.01.24 - 31.03.24
Ημερολόγιο Φορολογίας Για Περίοδο 01.01.24 - 31.03.24
Published: 12th January 2024
Please find attached the deadlines for submissions to the Cyprus Tax Department for the 3 month period 1st January 2024 to 31st March 2024. Click the button below to download the timetable.
If you need assistance with any Tax or VAT preparations or submissions, contact us by email info@relikor.com or call +357 22025795.
Claim For Allowances By Cyprus Tax Resident Employees (T.D.59)
Διεκδίκηση Φορολογικών Εκπτώσεων Από Εργαζομένους (Τ.Φ.59)
Published: 4th January 2024
The Tax Department has now released the form “Claim for Allowances” (Form T.D.59) for the tax year 2024. All employers are required to distribute the form to their employees and the latter must promptly fill out and return the signed form to their employer. Cypriot tax resident employees should declare on this form their worldwide income (other than Cypriot employment income) and deductions claimed. If you need assistance with completing the T.D.59 forms, contact our payroll 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: 18th December 2023
The Department of the Registrar of Companies and Intellectual Property has
announced that the deadline for the submission of the details in the Final Solution of the Register of Beneficial Owners, has been extended from 31st of December 2023 to 29th of February 2024. If you need assistance with registering details in the Register, contact our compliance department by email info@relikor.com or call +357 22025795.
New Social Insurance Contribution Rates From 01.01.24
Eισφορές Κοινωνικών Ασφαλίσεων Απο 01.01.24
Published: 8th December 2023
Following previous decision of the Cyprus House of Representatives, from the 1st January 2024, the Social Insurance Contribution rates for both employer and employee will increase by 0,5% and for self-employed individuals by 1%.
If you need assistance your monthly payroll or preparation and submission of social insurance returns, contact us by email info@relikor.com or call +357 22025795.
Obligation to make Deemed Dividend Distribution by 31.12.23
Yποχρέωση Δήλωσης Λογιζόμενης Διανομής Μερίσματος
Published: 1st December 2023
By 31st December, all Cypriot tax resident companies that have not distributed at least 70% of their after tax profits for the tax year 2021, have to declare an appropriate amount of dividend, in order to meet the 70% threshold of distributed profits. This regulation does not apply to companies in which the shareholders are non-Cypriot tax resident individuals or Cypriot tax resident individuals that are not Cypriot-domiciled. For more information about the above announcement, please contact our tax department by email info@relikor.com or call +357 22025795.
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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