US GAAP Adopts Fair Value for Crypto Assets – Will IFRS and EU Follow?
(How 2025 marks a turning point in the accounting and taxation of digital assets) The world’s accounting rule-makers are finally aligning financial reporting with the digital economy. In the United States, the Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2023-08, effective for fiscal years beginning after 15 December 2024. For most […]
UPDATE – Cyprus 2025 Tax Reform – Summary of Proposed Legislative Amendments
The Council of Ministers has approved a comprehensive package of six draft laws introducing the most extensive tax reform in Cyprus in over a decade.The measures aim to modernize the framework, simplify compliance, promote fairness, and strengthen the effectiveness of the tax administration. Subject to parliamentary approval, the new provisions will apply from 1 January […]
Cyprus Introduces 8% Flat Tax on Crypto Asset Gains
The Council of Ministers, at its meeting on 29 October 2025, approved a series of legislative proposals forming part of Cyprus’s 2025 Tax Reform. Among these measures, which have not yet been enacted by Parliament, is the introduction of a specific tax regime for crypto assets through the addition of Article 20E to the Income […]
Preparing for Your First Cyprus Audit: Checklist & What to Expect
If you’re facing your first Cyprus statutory audit, it’s normal to feel a little uncertain about what lies ahead. Every Cyprus-incorporated company must prepare financial statements under IFRS and, unless exempt as a small company, have them audited by a licensed Cyprus auditor. The process doesn’t have to be stressful. With the right preparation, your […]
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 […]
A guide to accounting for digital assets and cryptocurrencies
As the popularity and adoption of blockchain technology continue to grow, so does the significance of understanding the accounting treatment of crypto assets and cryptocurrencies. This guide aims to provide a comprehensive overview of accounting considerations for these digital assets under International Financial Reporting Standards (IFRS). What are Crypto assets? A crypto asset is any […]
Tax filing requirements for Cyprus registered companies
Tax year The tax year in Cyprus is the calendar year i.e., January 1st to December 31st. Do I need to file a tax return for my Company? Every Cyprus tax resident company is required to annually prepare audited or reviewed financial statements and file its Tax Return (TD4) based on these financial statements. When […]
Financial Reporting requirements for Cyprus companies
Keeping books of account The directors of every company are responsible to maintain proper books of account which are necessary for the preparation of financial statements. Proper books of account shall be sufficient for the presentation of an accurate and fair picture of the affairs of the company as well as an explanation as to […]