CYPRUS: PROVISIONAL TAX 2020

Cyprus has a system of self-assessment for corporation tax. All Cyprus tax resident companies have to pay provisional tax based on the estimated current year’s profits (2020) in two instalments: 1st instalment: 31 July 2020; 2nd instalment: 31 December 2020. Therefore, we would like to remind our clients and associates about the upcoming deadline for …

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Protect your business from another COVID

Protect your assets and save your taxes with us The outbreak of pandemic Covid-19 all over the world has disturbed the political, social, economic and financial structures. Many businesses were unable to continue their operations because of the significant losses. We at IBCCS constantly work to help our clients protecting their assets and provide solutions to …

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Changes to the Double Tax Treaty of Russia and Cyprus

As per the announcement of the president of Russia on 25 March 2020, the withholding tax rate on dividends and interests paid to bank accounts outside Russia will be 15%. The tax will be withheld in Russia as part of the new measures introduced by Vladimir Putin. A 15% rate currently exists for dividends paid …

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Tax and VAT measures of the Cyprus Government

We would like to inform about certain actions implemented by the Cyprus Government in order to support the country’s economy, as a consequence of the unprecedented events of the pandemic. The increased contributions to the General Health Scheme (GHS) will not be applied for April, May and June as originally planned. Extension of the deadline submission of the …

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General Healthcare System (GHS) Contribution Increase

As per the National Health System Law of 2001 89(I)/2001 and as amended in 2017, a national health system was introduced in Cyprus aiming to provide to the population equal access to a holistic health care system. Contributions to the GHS are deductible from the employer’s taxable income and of the individuals’ taxable income. The …

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ECONOMIC SUBSTANCE REGULATIONS

New regulations in key offshore jurisdictions including the British Virgin Islands, Cayman Islands, Bermuda, Guernsey, Jersey and Isle of Man, Marshall Islands came into force at the beginning of 2019 which require entities carrying on specific types of business to demonstrate adequate economic substance in that jurisdiction, with reporting requirements commencing in 2020. The rules …

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New Penalty Fees by the Cyprus Registrar of Companies

Below is the list of charges that will be in force on 18 December 2019 in case of late registration.   FOR COMPANIES   1. Transfer of Shares:  Any transfer of shares of a private company with a share capital shall be notified to the Registrar of Companies within fourteen (14) days from the registration …

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Banks in Cyprus to require audited accounts

In regard to certain structural changes that are currently taking place on the Cyprus Banking sector, that also affect the status of your company/ies that hold bank accounts in Cyprus. Amongst other structural reforms, Cyprus banks have amended their requirements in regard to the submission of the Audited Financial Statements for all companies that maintain …

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Non-dom Cyprus

Annual Levy

Annual Levy of EUR 350.00 – companies registered in Cyprus Please be informed that as per the Article 391 of the Companies law (as amended Law No. 6(I)/2013), it is obligatory to pay the annual fee – Annual Levy for all companies registered in Cyprus. The fee equals to EUR 350.00 (three hundred and fifty …

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