Financial Reporting Requirements for Cyprus Companies: Q&A Guide
Understanding the financial reporting obligations for companies in Cyprus is essential for ensuring compliance with local laws and smooth business operations. Below is a comprehensive guide answering key questions about the requirements. 1. What are the responsibilities of company directors regarding financial records? Directors of Cyprus companies have a legal obligation to maintain proper books […]
Corporate Tax in Cyprus: FAQs
What is the Tax Year in Cyprus for Corporate Taxes? The tax year in Cyprus follows the calendar year, beginning on January 1st and ending on December 31st. How to Obtain a Tax Identification Number (TIN) for a Cyprus Company To apply for a Tax Identification Number (TIN) in Cyprus, companies must complete the registration […]
Announcement: Extended Deadline for Income Tax Return Submission
The Tax Department announces that the Council of Ministers has approved an extension for the submission of Income Tax Returns for taxpayers required to submit a Summary Information Table of Controlled Transactions for the years 2022 and 2023. New Deadlines – Income Tax Return for 2022: Extended to 28 February 2025 – Income Tax Return […]
Comprehensive Guide to Capital Gains Tax in Cyprus
Capital Gains Tax (CGT) in Cyprus is imposed on profits from the disposal of immovable property situated in Cyprus and specific shares in companies. This tax applies when the disposal is not subject to income tax, making it crucial for property owners and investors to understand how it affects them. In this article, we will […]
Understanding Cyprus Non-Domicile Tax Residency: Benefits and How to Qualify
The Cyprus Non-Domicile (Non-Dom) Tax Residency status offers significant tax advantages to foreigners relocating to Cyprus. This status allows individuals to be exempt from paying certain taxes, including the 17% Special Defense Contribution (SDC) on dividends and interest, for up to 17 years. As a result, Cyprus has become an attractive low-tax jurisdiction for both […]
Summary Information Table of Controlled Transactions (SIT)
On 20 May 2024 the Cyprus Tax Department issued the final version of the Summary Information Table, now open for submission through the Tax For All (TFA) portal. All taxpayers with related party transactions must submit a Summary Information Table. What is a Summary Information Table? The SIT is a disclosure requirement for Transfer Pricing, […]
Extended Deadline for Employer’s TD7 Submission (2019 Onwards)
On July 4, 2024, the Tax Department announced that employers can submit the Employer’s Return for Withheld Taxes & Contributions (TD7) for the years 2019 to 2023 without facing administrative fines if submitted by 31 October 2024. After this date, late submissions will incur fines as per the legislation currently at €100. This announcement grants […]
Cyprus Review Engagements
Which Cyprus Private Limited Companies are now Exempt from Statutory Audits? On 9 June 2022, the Cyprus Companies Law Cap 113 was updated to introduce a statutory audit exemption for private limited companies and instead these companies will be subjected to an assurance review under much less demanding standards than an audit. Companies which meet […]
Cyprus Company Incorporation: A Step-by-Step Guide
Incorporating a Cyprus company can be a straightforward and efficient process, thanks to the country’s business-friendly environment and efficient incorporation procedures. In this article, we will provide a step-by-step guide on how to incorporate a company in Cyprus. Step 1: Choose a Company Name The first step in incorporating a Cyprus company is to choose a […]
