End of each month
P.A.Y.E. deducted from employees’ salaries for the previous month
CYPRUS TAX SYSTEM
FOR TAX YEAR
TAX NEWS 02/2016
Provisional tax 2016
Income Tax Law in Cyprus provides that every company and self-employed person submits a temporary estimate of the taxable income and the resulting tax, by 31st of July of each calendar year. There is no obligation to submit zero returns.
The declared taxable income must not be less than 75% of total taxable income for the year otherwise a 10% additional tax will be imposed.
The applicable tax rate for companies is 12,5%
TAX INFORMATION 3/2017
New Law regulating settlement of due taxes
Following our tax information 2/2017, we inform you that the Notification regarding the settlement of due taxes voted on 3 February 2017 was published in the Official Gazette.
Chartered Certified Accountants
17 Demosthenis Severis Avenue
Central court, 3rd floor
PO Box 28978
Tel: +357 22 865000
Fax: +357 22 865001
BRIEF INFORMATION FOR TAX YEAR 2017
The information contained in this booklet is accurate as at the date of its publication. It is based on information available at that time and is designed to answer some of the commonly asked questions and in no case should substitute seeking professional advice.
For explanations, clarifications or professional advice please contact us to the following address:
TAX INFORMATION 3/2016
Immovable Property Tax
On 14 July 2016, the House of Representatives voted changes to the Immovable Property Tax Law. According to the changes the immovable property tax for year 2016 is reduced to 25% of the total tax arising using the current rates and abolish the immovable property tax as from 1 January 2017.
The immovable property tax calculation will be based on the same scales as last year, on owned property or leased property in Cyprus on 1 January 2016 based on the market value of immovable property as at 1 January 1980.
Δημιουργία και Εκσυγχρονισμός Μονάδων Μεταποίησης, Εμπορίας και/ή Ανάπτυξης Γεωργικών Προϊόντων.
Πολύ μικρές, μικρές, μεσαίες και μεγάλες επιχειρήσεις που θα επενδύσουν στους επιλέξιμους κλάδους και ευρίσκονται εγκατεστημένες στα εδάφη της Κυπριακής Δημοκρατίας.
The BVI Business Companies (Amendment) Act 2015 was recently legislated with effective date as from 15 January 2016. Below are the most important amendments:
- Register of Directors
The new tax measures voted by the House of Representatives on10 December 2015 αre analysed here below.
A. Income Tax Law
1. Exchange differences
According to the amended Income Tax Law, any realized or unrealized foreign exchange difference, losses or gains will be tax neutral. In other words, FX gains will not be taxable and FX losses will not be tax deductible.