On 11 November 2022, an amendment to the 8th Schedule of the VAT Law was introduced with the decree 423/2022, replacing the phrase "before the first occupation" with the following:
"before the first supply within a period of five (5) years from the date of completion and any subsequent supplies within the period of five (5) years provided that no actual use by unrelated person has been occurred for at least of a period of twenty four (24) months”.
Therefore, effective from 11 November 2022, new criteria apply to determine whether the supply of a building and the land transferred therewith is considered as a taxable or an exempt supply in regards to VAT.
We remain at your disposal for anything you may need in connection with the above.
Contact person
Stelios Ioannou
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+357 22 100 192
Managing Director
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On 28 November 2022, the Department of Registrar of Companies and Intellectual Property announced that, following the Judgement of the Court of Justice of the European Union (CJEE) in joined cases C-37/20 and C-601/20, of November 22, 2022, access to the Register of Beneficial Owners for the general public is suspended as of the 23rd of November 2022.
According to the above-mentioned Judgement of the CJEE, Article 1, point 15(c) of Directive (EU) 2018/843 of the European Parliament and the Council, of 30th May 2018, which provides for access to the information on the beneficial ownership of legal entities to any member of the general public, is invalid as it constitutes a serious interference with the fundamental rights of respect for private life and to the protection of personal data, enshrined in Articles 7 and 8 respectively, of the Charter of Fundamental Rights of the European Union.
The relevant information to the competent and supervisory authorities and the Unit as referred in article 12 of Directive R.A.A. 112/2021 and amending Directive R.A.A. 116/2022, will continue to be provided with the applicable procedure.
The relevant information will, also continue to be provided to the obliged entities, with the applicable procedure by submitting additionally a solemn declaration confirming that the information on the Beneficial Owners is requested within the context of performing customer due diligence.
We remain at your disposal for anything you may need in connection with the above.
Contact person
Stelios Ioannou
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Managing Director
According to a law published in the official Government Gazette on 22 February 2021, a levy of 0,4% tax, payable by the seller, is applicable on all sales of properties located in Cyprus and/or disposals of shares of companies owning (directly or indirectly) properties located in Cyprus.
The law is aiming to compensate the Greek-Cypriot refugees for their inability to possess, have access to, or otherwise gainfully use their land due to the Turkish invasion and occupation of the northern third of the island in 1974.
An amendment of the law, published in early December 2022, specifies the Tax Commissioner as the responsible authority to collect the 0,4% levy on property sales.
We remain at your disposal for anything you may need in connection with the above.
Contact person
Stelios Ioannou
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Managing Director
The provisions of the Assessment and Collection of Taxes Law, as well as the Value Added Tax (VAT) Legislation require all entities that maintain stock at the end of the year (including raw materials, finished goods and work-in-progress) to perform a stock-take.
This common periodic procedure includes assessing and recording the amount and value of stock held as at the year-end.
Failure to comply with the law requirements, may lead to the imposition of penalties or/and could result to the rejection of the Tax Declaration by the Tax Commissioner.
We remain at your disposal for anything you may need in connection with the above.
Contact person
Stelios Ioannou
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Managing Director
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 31st of December 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 2022" 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.