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A & C CHRISTOFI LTD > News & Events

News and Events

We are proud to announce the launch of our newly redesigned website.

Our goal with this new website is to provide our visitors an easier way to learn more about our company and the services we provide.

It is mobile responsive and gives the flexibility of navigating easily from any platform.

We will continue to update our content with helpful information, articles, newsletters and company announcements. The website also contains integrated social media buttons for FacebookTwitter and Linkedin to improve communication and ongoing dialogue.

We hope you find the new website with a fresh look, easy to access information and valuable resources.

For any questions, please email us.

Cyprus General Healthcare System (GHS)

One of the main subjects we have been advising our clients on at A&C Christofi Ltd is the new General Healthcare System (GHS) of Cyprus. This is also known by its Cypriot acronym “GeSY”. To help our accounting and tax clients in Cyprus, we have prepared a short update of the current situation. For more information, please contact us.

WHAT IS THE GHS?

The Cyprus General Healthcare System (GHS) is designed to be a patient-centric healthcare system with the aim of delivering quality healthcare services to beneficiaries. The GHS provides universal healthcare cover to all the registered and insured population of Cyprus. This includes a freedom of choice to choose the healthcare provider, and includes a comprehensive package of healthcare services. Learn more

WHEN WILL IT BE LAUNCHED?

The GHS is already in the launch stage and is intended to be live from 1 June 2019. The social insurance contributions are already being collected on Cyprus payroll taxes from March 2019. There remain many subjects to be resolved with the structure and participation in the GHS, so there may be changes to the launch date for the provision of healthcare services.

HOW SHOULD I ENROLL IN THE GHS?

In order to enroll as a patient in the GHS Beneficiary Registry, the interested party must be registered in the Cyprus Civil Registry, or the Registry of the Migration Department and/or the Cyprus Social Insurance Services.  In addition, and in order to comply with the criteria that must be fulfilled in accordance with the GHS Law of 2017, the Health Insurance Organisation may request additional certificates. The application for enrollment in the GHS Beneficiary Registry is submitted online via the Beneficiary Portal.  Learn more

HOW MUCH WILL IT COST MY COMPANY?

GHS contributions are already being levied as payroll taxes in Cyprus from March 2019. The different contribution rates include:

Employees: 1.70% in 2019, rising to 2.65% from 01/03/2020

Employers: 1.85% in 2019, rising to 2.90% from 01/03/2020

There is an additional tax on income earned from rents, interest or dividends paid in Cyprus. These are:

1.70% in 2019, rising to 2.65% from 01/03/2020

HOW SHOULD I PREPARE?

If you are not prepared for the implementation of the Cyprus General Healthcare System, please contact us for a consultancy or advisory session so that you can prepare for implementation. Among other things, we can model your future Cyprus payroll costs and find ways of optimizing your Cyprus tax contributions.

 

Extension to the Deadline Submission of Income Tax Return 2017 for Companies and Self Employed

The Cyprus Tax Department has announced that the deadline for the submission of Income Tax Returns for Companies (TD4A) and Self Employed with Accounts (TD 1A Acc), has been extended from 31 March 2019 to 30 April 2019.

Please contact us to prepare your Cyprus Corporate Income Tax Returns and your Cyprus Self Employed Income Tax Returns.

Dear Customers,

For your convenience, we would like to inform you that from today, you will be able to settle your debts/utilities, both to our company and to Government Authorities (Income Tax, VAT, Social Insurance, Registrar of Companies, etc.) through our company, using your credit card.

Thank you for your cooperation

Payment Of Income Tax For Self-Employed (Without Accounts) For The Year 2015

  • The tax department recalls that the last date to pay the income tax for employees and self-employed (without accounts) for the tax year of 2015 is the 30thof June 2016.
  • Payments can be completed electronically:

via the website, www.jccsmart.com.cy as well as at the District Office of tax collection until the 31/07/2016.

Overdue payments (after the 31/07/2016), can be completed at the District Office of tax collection only and will consequently have interest and charges.

Submission Of Declaration Of Income Form For Self-Employed For The Year 2015

The tax department recalls that the last date to submit the Declaration of Income Form for Self-employed for the tax year 2015 is:

  •  30th of June 2016 for the submission of Declaration of Income for Self-employed form in hard copy
  •  30th of September 2016 for the submission of Declaration of Income for Self-employed form electronically via the Taxis net service
  •  31st of March 2017 for Self-employed with accounts, where their annual turnover exceeds €70000.
  •  30th of June 2016 for the submission of Declaration of Income for Self-employed form in hard copy
  • The Taxation Department expects soon the approval, by the House of Assembly, of the Bill pertaining to the obligation of legal persons to electronically submit, through TAXISnet system, the VAT return (form VAT 4).
  • The Taxation Department urges legal persons who are not registered into TAXISnet VAT, to apply for registration the soonest possible in order to avoid any delay from the mass submission of registration applications.
Download TAXISnet_01_vat.pdf
TAXISnet_01_vat.pdf
Download TAXISnet_03_vat.pdf
TAXISnet_03_vat.pdf
Download Liability of legal persons for the electronic submission of VAT.pdf
TAXISnet_03_vat.pdf

ANNUAL LEVY 2016

  • As statutorily required, Cyprus registered companies must pay an annual company fee at the Department of the Registrar of Companies (the RoC) every year. For the year 2016, the fee is payable the latest by 30 June 2016. All previous statutory exceptions have now been removed.
  • The annual company fee, as in previous years, is set at € 350/company.
    This year, the payment can only be made through the payment on your behalf.www.mcit.gov.cy/drcor” Kindly note that you may wish that you pay the annual company fee directly, or, we may make the payment on your behalf.
  • Kindly note that should you make the payment of the annual company fee for each company, we shall require receipts of payment of the annual company fee for the purposes of updating our records for each company.
  • Lastly, where the annual company fee is not paid until the deadline set by the Companies Law, penalties apply as follows:
  • €385 from 01.07.2016 until 31.08.2016 (a 10% penalty is imposed);
  • €490 from 01.09.2016 until 30.11.2016 (a 30% penalty is imposed).
  • Where a company does not pay the annual company fee before the deadline, or before 30.11.2016, the Registrar removes the company from the register of companies.
  • Where the annual company fee is paid within a period of two years from the removal of the company from the register of companies and provided the company pays to the RoC the fee of €500, the company is restored to the register of companies, and where the payment is made on the lapse of two years the company must pay the amount of €750 for the company to be restored to the register of companies.

You are kindly requested to inform us how you wish to proceed.
Remaining at your assistance for any clarifications you may require.

EMPLOYEE INCOME TAX RETURNS 2015

Tax Department announces the submissions for

Salaried income Tax Statement for the tax year 2015 are now being collected. The statement can be submitted:

In printed Forms until  April 30th, 2016

In electronic form until July 31th 2016

Income tax Statements in Printed Form

Submit at the Regional offices of the tax department in each town
Income tax Statements in Electronic Form 

Through Taxis net Service (Electronic submission of Income-tax statement System)at the web page

  • https://taxisnet.mof.gov.cy
  • Presupposes registration at Taxis net System
  • The submission of income tax statement through Taxis net system will begin once you received the relevant message at the email address you have provided.
  • Tax department indices registration is Taxis net system in order to spare time
  • The new website of the Audit and Accounting Firm, A & C CHRISTOFI LTD, is available online at www.ac-accountants.com.
  • The development of the new website is part of the broader communication strategy employed by the A & C CHRISTOFI LTD, with the intention of informing and serving the general public and his associates.
  • The user-friendliness, modern aesthetic approach and plenty of informative material are the main features of the new site, where the visitor can find rich information about the services offered by A & C CHRISTOFI LTD.

This App has been brought to you by A & C Christofi Ltd (Chartered Accountants) in order to give you key financial information at your fingertips, 24/7. You can now download the app on your iPhone, iPad and Android phone or tablet to learn and make your own calculations anytime, anywhere!

Now you can have instant access to the latest business news, key dates and penalties relating to Income Tax, VAT, Social Insurance and Company Registrar and calculators.

You can make use of the following calculators:

VAT
The VAT calculator allows you to calculate the VAT given price. It also allows you to calculate the original price and VAT given the total price. As a customer, for example, you can calculate, how much a specific product would cost without the VAT.
As a business owner, you could easily calculate, how much you have to add to the price of a product. Allows you to enter any VAT rate.

Simple Income Tax
A very useful calculator for salaried people to compute their annual income tax. It is very simple and easy to use.

Advanced Income Tax
Calculate accurately your income tax for the year based on a complete list of parameters. Input your sources of Income and any related Exemptions, Deductions and Allowances and it will calculate your Income Tax Payable and Special Defense Contribution to the Inland Revenue Department of Cyprus. All fields are presented and explained in detail so that anyone can easily calculate their own Income Tax.

Loan
Loan Calculator is useful for anyone who wishes to take up a mortgage from the bank, an auto loan to purchase a car or simply loan money to a friend.

Payroll Costs
Wondering what your monthly/yearly salary is or what is the total payroll cost for your business? Comparing job offers? Use this calculator to determine your equivalent salary and the total payroll cost.

Capital Gains Tax
Are you planning to sell an immovable property? Use this calculator to calculate the capital gains tax based on the selling price, original acquisition cost, indexation allowance, and the relative expenses if any.

It’s designed to be a super helpful place to get handy information whenever you need it. For more information regarding accounting, auditing, taxation, and advisory services you can find our contact information on the company profile page within the application.

As a proactive, forward thinking firm of accountants, we wanted to reach out to you in a modern, time effective way. Enjoy, with our compliments!

Download the app for free and try it for yourself:

https://play.google.com/store/search?q=a+%26+c+christofi

http://www.apple.com/itunes/download/

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