Services
Benefit from our extensive experience and services
Our Services
Audit & assurance
We have extensive experience in the audit of financial statements for statutory purposes as well as other assurance services.
Accounting & consultancy
Accounting and bookkeeping solutions are available at affordable rates. Russian speaking accountants are available to assist you. We can also assist you with the management and growth of your business.
Taxation & VAT
Our experience of over 25 years can assist you to optimise your tax and VAT obligations so as to minimise your tax burden. Russian consultants available.
Insolvency
Our qualified Insolvency Practitioners can act as liquidators during the winding-up of your Company or provide consulting services regarding insolvency matters.
We can help you
Whether you have a small business or a large corporation we are ready to assist you with all your business needs. Do not hesitate to contact is for a free quotation. We can offer the best rates and can optimise your tax burden so as to lower your costs.
Taxation
The Corporate tax rate in Cyprus is 12.5%. Various tax incentives are offered which make Cyprus attractive, especially for holding companies or investment companies.
- Dividends are exempt from corporation tax and in most cases also exempt from SDC (Special Defence Contribution).
- Profits realised on disposal of securities/shares in subsidiaries, bonds, derivatives, stocks etc., are not subject to taxation in Cyprus.
- No Capital Gains Tax except on land situated in Cyprus.
- No withholding tax on dividends.
- NID (Notional Interest Deduction) incentive on new share capital.
- Intellectual Property (IP) including copyrights, patented inventions and trademarks exemption of 80% of the overall profit derived from the qualifying intangible asset for intellectual property assets developed after 30 June 2016.
- Losses can be carried forward for five years.
- Various salary incentives offered for new employees.
Feel free to contact us for any additional information or clarifications you may require.
Latest News:
25/09/2023 - Extension of the date of submission of the 2022 tax return for individuals to 30th October 2023.
22/09/2023 - VAT returns can now be amended on the Tax For All system.
20/09/2023 - Imposition of 0% VAT on basic foodstuffs extented from November 2023 to April 2024.
28/08/2023 - Issue of 2022 Income Tax return for Companies and self-employed individuals preparing financal statements. The deadline for submission is 31 March 2024.
03/05/2023 - Imposition of 0% VAT on basic foodstuffs up to 31 October 2023.
20/03/2020 - Tax effects of Cyprus Govt economic support measures for COVID-19:
- Suspension of increase in contribution for the General Healthcare system until 1 July.
- Payment of Annual Levy extended to 31 December 2020.
- Temporary suspension for two months of obligation to pay VAT under certain conditions.
- Tax return submission for 2018 extended by two months to 1 June.
- 70% subsidy of salaries of employees of small businesses under certain conditions.
- Sickness benefit for employees that are forced to take leave.
- Special benef for parents that are forced to take leave to look after children.
14/02/2020 - As of 14th February, tax debts already registered with the Tax Department, may be settled in six monthly installments up to 14/08/2020. Tax returns up to 2015 which were not submitted, may be filed by 30 June 2020.
06/12//2019 - The House of Representatives decided on the amendment of the Companies Act with the deadline for submission of statements and documents to the Registrar of Companies (HE4, HE32 etc) without any additional charges extended up to April 18, 2020.
18/12/2019 - New administrative penalties become effective for late filings, notably the Company Annual Return (HE32). The fine shall amount to €50 plus €1 for every day for which the default continues within the first six months plus €2 for every day thereafter for which the default continues, such fine not to exceed the amount of €500 for each default.
30/10/2019 - Cyprus Tax Department issues announcement regarding Bilaterial Agreement between Cyprus and the USA for the exchange of Country by Country (CbC) Reports.
02/10/2019 - Implementation of FATCA "Accidental Americans" relief.
30/09/2019 - Deadline for the submission of 2018 tax return for self-employed persons without audited accounts and payment of tax due.
24/09/2019 - VAT relief on the purchase of land for residential accommodation.
31/07/2019 - Deadline for the submission of the 1st instalment of temporary tax for 2019.
WHY CYPRUS?
- Low corporate tax rate and many other tax advantages and incentives.
- European Union member and central geographical location.
- Multiple favourable tax treaties.
- Strong financial service centre.
- Cyprus citizenship or permanent residence possible through investment.
- Growing economy and enjoyable lifestyle.
- Great climate!
