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 2020, the fee is payable the latest by 31 December 2020. The annual company fee, as in previous years, is set at €350/company. This year, the payment can only…

The Tax Department has launched a new e-service with the name Tax Portal, where citizens and companies/businesses will be able to get information directly or through their representatives about their payments and any debts to the Department. Tax Portal will be a central point and citizens will have the opportunity to submit self assessments, temporary assessments and withholding from taxes and…

The Labour Ministry has launched the online application process for the 4th period of its support schemes addressed to businesses and the unemployed that are financially hit by the Coronavirus outbreak. The five schemes cover the period from June 13 to June 30, 2020, and can be found on the website www.coronavirus.mlsi.gov.cy (in Greek). The five…

The Cyprus Government has temporarily reduced the VAT rate that applies to the tourism, restaurant and transport industries from 9% to 5%. The Council of Ministers Under has decided on 23 June 2020, under the articles 18 and 18A of the Cyprus VAT Laws issued decree ΚΔΠ 268/2020, that for the period between 1 July 2020…

The Tax Department has launched a new e-service with the name Tax Portal, where citizens and companies/businesses will be able to get information directly or through their representatives about their payments and any debts to the Department. In addition, they will have the opportunity to submit self assessments, temporary assessments and withholding from taxes and make…

The contribution rates for the General Healthcare System (GHS, commonly known as Gesy) have changed as from 1st of June 2020 as per below table: For the Income Earners, the new contribution rate 2,65% will come into effect as from 01st of July 2020. We always remain available to our clients and we are doing our…

Following our latest newsletter sent on 19th March 2020, the Cyprus Parliament has voted the relevant TAX and VAT laws on 27th March 2020. General Health System (GHS) Law Decreased Contributions for Gesy for 3 months, April – June 2020, as per below table: VAT Law Deferral of the VAT payable amounts for the VAT quarters ending: 29…

The General Health System (GHS commonly known as Gesy) has come into effect as of the 1st of March 2019. The GHS contributions are as per below: 1. employer’s contribution is 1,85% 2. employee’s contribution is 1,70% on the employee’s gross earnings 3. self-employed individuals’ contribution is 2,55% on their gross earnings Furthermore, as from…

The Council of Ministers has decided on the 18th March 2020 the following regarding the coronavirus: The VAT due submission date which was supposed to be submitted on the 10th of April is extended until 30 April 2020 assuming the businesses’ turnover over the last 12 months was less than €1 million. Saying that, the…

  The World Health Organization (WHO) has declared the Covid-19 outbreak to be a pandemic and since then our daily lives have changed. In Cyprus, the Government has announced several measures in order to support the economy of the country. These measures include: TAX Extension of the submission deadline of income tax returns for two months…