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We would like to inform you that the Cyprus Tax Department has issued a circular regarding the imposition of a 10% additional tax for employees with income other than from employment.

According to the circular, taxpayers who have taxable income other than employment income (e.g., rental income) must submit a provisional tax declaration and settle the estimated provisional income tax in two installments. Failure to do so, results in the imposition of the 10% additional tax on the difference between actual tax payable and the provisional tax paid.

In cases where the taxpayer has already paid income tax on taxable income through the PAYE system, for income that exceeds 75% of the actual final income, then during the taxpayer’s income tax return examination, no additional tax will be imposed.

If a tax assessment has been issued and the 10% additional tax has been imposed, then the taxpayer can submit an objection within the statutory deadlines for the 10% additional tax to be waived.

We remain at your disposal for anything you may need.

 

Contact persons


Anna Solomou

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+357 22 100 192

Head of Accounting

-

Pavlos Tsiaklides

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+357 22 100 192

Head of Audit

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Andreas Odiatis

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+357 25 100 692

Audit Manager

 

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Further extension to the deadline for the submission of Income tax returns of Companies (T.D.4) and self-employed persons whose turnover exceeds the amount of €70.000 and have obligation to prepare audited accounts (T.D.1) for the tax year 2019


New Deadline: 30/11/2021

We would like to inform you that the Tax Department has further extended the deadline for the submission of the income tax returns for the tax year 2019 both for legal entities and self-employed individuals whose turnover is above €70.000 and are obliged to prepare audited accounts. The deadline has been extended from 30 September 2021 to 30 November 2021.

It should also be stated that the payment deadline for the tax liability for the tax year 2020 remains the 30th of September 2021.

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

-

Andreas Odiatis

This email address is being protected from spambots. You need JavaScript enabled to view it.

+357 25 100 692

Audit Manager

 

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We would like to let you know that according to the Prevention and Suppression of Money Laundering Activities Laws of 2007-2021, companies and any other legal entities incorporated in the Republic of Cyprus must obtain and hold adequate, accurate and current information on their beneficial ownership. This requires their directors (or other officials) to identify and electronically submit all relevant information of the beneficial owner(s) who own or control the legal entities to the "Electronic Filing" system, through the government gateway portal “ARIADNI”, by 12 March 2022.

It is highlighted that the responsibility for the submission and timely update of information lies with the legal entity and its officials, and penalties may be imposed to those that do not comply with their obligation to submit their beneficial owner(s) data.

The Registrar of Companies has issued comprehensive guidance that can be accessed here.

We can assist you with the registration of your company to ARIADNI (if not already registered), as well as with the collection and submission of all relevant Beneficial Owner information to the Electronic Filing system, on behalf of your company. A fee of €100 + VAT will be charged for our assistance in registering your company to ARIADNI and of €150 + VAT for submitting the Beneficial Owner(s) information to the Register.

 

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

 

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Ξεκίνησε η διαδικασία υποβολής αιτήσεων Ειδικών Σχεδίων για την περίοδο Αυγούστου 2021

 

Το Υπουργείο Εργασίας, Πρόνοιας και Κοινωνικών Ασφαλίσεων ανακοινώνει ότι έχουν αναρτηθεί σήμερα στην ειδική ιστοσελίδα www.coronavirus.mlsi.gov.cy οι αιτήσεις για τα ακόλουθα Ειδικά Σχέδια που αφορούν στην περίοδο από την 1η Αυγούστου 2021 μέχρι την 31η Αυγούστου 2021:

  1. Ειδικό Σχέδιο Ξενοδοχειακών Μονάδων και Τουριστικών Καταλυμάτων.
  2. Ειδικό Σχέδιο Οικονομικών Δραστηριοτήτων Συνδεόμενων με την Τουριστική Βιομηχανία ή Οικονομικών Δραστηριοτήτων, οι οποίες επηρεάζονται από τον Τουρισμό.
  3. Ειδικό Σχέδιο Μερικής Αναστολής των Εργασιών της Επιχείρησης.
  4. Ειδικό Σχέδιο Ορισμένων Κατηγοριών Αυτοτελώς Εργαζομένων.
  5. Ειδικό Σχέδιο Στήριξης Ανέργων του Ξενοδοχειακού Τομέα.
  6. Ειδικό Σχέδιο Επιδόματος Ασθενείας για άτομα που έχουν προσβληθεί από τον ιό COVID 19.

Υπογραμμίζεται ότι οι αιτήσεις, οι οποίες υποβάλλονται ηλεκτρονικά, θα πρέπει να συνοδεύονται από Έκθεση Εγκεκριμένου Λογιστή.

Καταληκτική ημερομηνία ηλεκτρονικής υποβολής αιτήσεων για συμμετοχή στα Ειδικά Σχέδια για την περίοδο από την 1η Αυγούστου 2021 μέχρι την 31η Αυγούστου 2021 είναι τα μεσάνυκτα της Πέμπτης, 9 Σεπτεμβρίου 2021.

Οι ενδιαφερόμενοι καλούνται να υποβάλουν την αίτηση που τους αφορά εγκαίρως, δεδομένου ότι οι ηλεκτρονικές αιτήσεις δεν θα είναι διαθέσιμες για χρήση μετά από την πιο πάνω καταληκτική ημερομηνία και δεν θα γίνονται αποδεκτά οποιαδήποτε αιτήματα για εκπρόθεσμη υποβολή αιτήσεων.

Τονίζεται ότι για να είναι εφικτή η καταβολή των Ειδικών Επιδομάτων θα πρέπει να υποβληθεί και η κατάλληλη Δήλωση Στοιχείων Τραπεζικού Λογαριασμού (IBAN) που αναφέρεται στην κάθε αίτηση, νοουμένου ότι δεν έχει ήδη υποβληθεί και επιβεβαιωθεί.

Παραμένουμε στη διάθεσή σας για οτιδήποτε χρειαστείτε.

 

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

 

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We would like to inform you that the Tax Department said that the Ministry of Finance intents to issue a decree in regards to the extension of the electronic submission of the 2020 personal income tax returns and the payment of 2020 personal tax from 30 September 2021 to 30 November 2021.

 

This extension and 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.

Prerequisite for the submission of the Return is the registration to the TaxisNet System – Direct Taxation.

 

If you require our assistance on the preparation and submission of your tax return, you may contact us by 30 October 2021.

 

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

-

Andreas Odiatis

This email address is being protected from spambots. You need JavaScript enabled to view it.

+357 25 100 692

Audit Manager

 

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