Monthly Archives - December 2023

December 2023


Attached is the announcement of the Tax Department regarding the extension of VAT return submission for the period ending on November 30, 2023. Based on the announcement, the submission of the VAT return and payment of the tax due is extended until Monday 15 January 2024. Remaining at your disposal should you have any questions. ACUTE ADVISORY SERVICES TEAM  __________________________________________________________________________ Επισυνάπτεται η ανακοίνωση του Τμήματος Φορολογίας σχετικά με την παράταση υποβολής δήλωσης ΦΠΑ για την περίοδο που έληξε στις 30 Νοεμβρίου 2023. Με βάση την ανακοίνωση, η υποβολή της δήλωσης ΦΠΑ και η πληρωμή του οφειλόμενου φόρου παρατείνεται μέχρι τη Δευτέρα 15 Ιανουαρίου 2024. Παραμένουμε στην διάθεση σας για οποιεσδήποτε απορίες. Η ΟΜΑΔΑ ΤΗΣ ACUTE ADVISORY SERVICES  


With regards to the above issue, please see below a link of Announcements of the Department of the Registrar of Companies and Intellectual Property (Companies Section) in relation to the commencement of the implementation of the final solution of the electronic system of the Beneficial Ownership Register as of November 14, 2023. The implementation is divided into three phases: The first phase covers the period 14/11/2023-31/12/2023 where all companies and partnerships are required to inform/re-register their Beneficial Owners in the 'Final Solution', even if they have already done so in the interim solution system. Please note that no financial penalties will be imposed during this period. The second phase covers the period 1/1/2024-29/2/2024 and requires those companies...

Deemed Divident Distribution that relates to the tax year 2021

We would like to remind you of the deemed dividend distribution (DDD) provisions of the Special Contribution for the Defence Law that relate to the tax year 2021. Profits subject to deemed dividend distribution In accordance with the legislation, a company which is a tax resident of Cyprus, will be deemed to have distributed as dividend 70% of its accounting profits arising in 2021. The deemed dividend will be considered as having been distributed two years from the end of the year it relates to. Therefore for 2021 the date of deemed distribution is 31 December 2023 (Last date of payment 30th January 2024). The deemed distribution provisions are not applicable to the...

Provisional Tax – Προσωρινή Φορολογία

We would like to remind you that the payment deadline for the 2nd provisional tax instalment for tax year 2023 is the 31st of December 2023 (there is 30 days period for the payment until 30 January). Obligation for provisional tax payment The following persons have an obligation to pay provisional tax, based on their expected annual taxable income for tax year 2023: Individuals with taxable income other than salaries, pensions, dividends and interest, and Companies with taxable income. Payment of provisional tax The provisional tax is calculated by applying the relevant tax rates (depending on whether the taxpayer is an individual or a company) on the expected taxable income for the year, after taking into account any overseas...

Social Insurance Contribution Rates

As of 1st January 2024, the Social Insurance Contribution rates for each of the employer and the employee are increased by 0.5% and for self-employed individuals by 1%. The below table summarizes the contribution rates which are applicable for the tax year 2024:   % Self-employed individuals 16,6 Employee’s contribution 8,8 Employer’s contribution 8,8 Employer’s contribution to the Redundancy Fund 1,2 Employer’s contribution to the Human Resource Development Authority Fund 0,5 Employer’s contribution to the Social Cohesion Fund 2   Social Cohesion Fund An employer is liable to pay a social cohesion fund contribution of 2% on the amount of the emoluments of his employees (without any restriction as to the amount of the emoluments).   Maximum limit of emoluments As of the beginning of 2024 the below maximum amount of emoluments are applicable...