The Cyprus Parliament has passed an amendment of the Special Defence Contribution (SDC) Law (117(I)/2002), which is effective as from the 8th of June 2022.
What you need to know
The amendment aims to broaden the application of the reduced SDC rate of 3%. The following table indicates the changes:
Furthermore, the amendment now clarifies that interest income derived from the ordinary carrying on of a business or closely connected with the ordinary carrying on of a business is not considered as interest and therefore it does not fall within the provisions of the SDC law.
We remain at your disposal for anything you may need.
Contact persons
Anna Solomou
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Head of Accounting
-
Pavlos Tsiaklides
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Head of Audit
We would like to remind you that all companies incorporated in Cyprus, irrespective of whether they are active or not, or have assets or not, are subject to a €350 levy per annum.
The last day of payment of the annual levy for the year 2022 is the 30th of June 2022. For a late payment of the 2022 Annual Levy, a penalty will be imposed from the Registrar of Companies.
You can proceed with the payment of the annual levy online, through JCCsmart.
Otherwise, we can take over the payment of the Annual Levy on your behalf. The procedure that you need to follow is the following:
1. Transfer the amount of €380 (€350 for the levy payment + €30 to cover our fees and bank charges) to our Clients' Account found below, by 10/06/2022:
CosmoCo Ltd (Clients A/C)
Bank of Cyprus Public Ltd
Account Number: 357003572612
IBAN: CY18002001950000357003572612
SwiftCode: BCYPCY2N
2. On the bank transaction details, indicate "Annual Levy" and your Company Name.
3. Send us a confirmation e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it. requesting the annual levy payment along with an attachment of the bank transfer confirmation, by 10/06/2022.
If you have already paid the 2022 Annual Levy, please ignore this announcement.
Please be informed that the last day for the submission of the 2021 employer's TD7 return is the 31st of May 2022.
For any further information, please do not hesitate to contact us.
Contact persons
Anna Solomou
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Head of Accounting
-
Pavlos Tsiaklides
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Head of Audit
The Tax Department has announced that the 2021 Personal Income Tax Return (T.D. 1 form) is available for submission via the TaxisNet system.
Obligation for the submission applies to:
- Employees and pensioners (T.D.1 – Employee) whose gross income exceeds €19.500, and
- Self-employed individuals (T.D.1 – Self-Employed) with a turnover that does not exceed the amount of €70.000 and who do not have obligation to prepare audited financial statements.
The deadline for the submission of the Return is on 31/07/2022. Prerequisite for the submission of the Return is the registration to the TaxisNet System.
For any further information, please do not hesitate to contact us.
Contact persons
Anna Solomou
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Head of Accounting
-
Pavlos Tsiaklides
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Head of Audit
-
Andreas Odiatis
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 25 100 692
Audit Manager