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Professional Tax – new tax for Cyprus companies
January 24, 2020
At the end of 2019 Cyprus municipalities introduced a new tax for Cyprus companies called Professional Tax.
The amount of this tax per year will be EUR 150, for companies in the group – EUR 80, for dormant companies – EUR 50. According to general rule the municipality sends a notification for EUR 150, so the last two types of companies need to send proof in the form of financial statements to the municipality.
Also, according to general rule the tax must be paid by December 31 of the year in which the notification of its payment was received.
For now, the tax applies only to companies registered in the municipality of Limassol and Nicosia, but perhaps later it will be extended to all the cities of Cyprus.
May 18, 2020CRS and FATCA: extension of reporting deadlines
In 2020, the deadlines for submitting financial statements in accordance with CRS and FATCA standards has changed.
July 10, 2020Cyprus: Since 1 of July Contributions to the GESY Fund Have Increased
From March 1, 2020, contributions to the Fund of the state health insurance system of Cyprus GESY were supposed to grow as part of the second stage of the reform of this system.
December 03, 2019Happy Lawyer’s Day!
December 3 is the lawyer's day in Russia. Congratulations to our colleagues on their professional holiday!
February 24, 2019Amendments to Cyprus Company Law
The Cyprus Department of Registrar of Companies and Official Receiver (ROC) announced amendments to the Cyprus Company Law.
May 08, 2020CySec: Changes of the Due Date for Some Obligations in Cyprus
The financial regulatory agency of Cyprus (CySec) has changed some due date obligations for issuers, providers and funds: The due date for the obligation of issuers to publicise the annual financial statements for 2019, is postponed for the 30 of June 2020. The due date for [...]
April 15, 2020Professional consulting support of our specialists
Taking into account the current situation, our clients have a lot of different issues that require professional consulting support on-line.
February 17, 2020OECD has published a consultation document on the review of Country-by-Country Reporting
OECD released public consultation document that is based upon the mandate set out in the BEPS Action 13 report, and focuses on issues concerning the use of CbC reports by tax administrations for the purposes of a high level transfer pricing risk assessment. The public consultation document [...]
December 18, 2019New penalties for late submission of HE32
As we reported earlier, the Cyprus Registrar of Companies has introduced new penalties for the late submission of the Company Annual Return (HE32), effective from the 18th of December 2019. Please note that the deadline for submission of Company Annual Return (HE32) was extended until A [...]