November 2024
October 2024
Confirmation of beneficial owner details in the beneficial owner registry system
We are writing to inform you about a critical regulatory requirement announced by the Cyprus Registrar of Companies on September 25, 2024. All entities registered in Cyprus must confirm the details of their ultimate Beneficial Owners (BOs) in the Beneficial Owners Register (BOR). Confirmation Details: Process Duration: October 1 - December 31, 2024 Applicable Entities: Companies under Companies Law, Cap. 113, European Public Limited Companies (SEs), and Cooperatives If there have been any changes or updates to the Beneficial Owners during this period, they must be completed before proceeding with the confirmation. Penalties for Non-compliance: Failure to confirm Beneficial Owners' details within the specified timeframe will incur a financial penalty of €200 on the first day, plus...July 2024
Provisional tax – Προσωρινή φορολογία
We would like to remind you that the payment deadline for the 1st provisional tax instalment for tax year 2024 is the 31st of July 2024. 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 2024: 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 tax credits. It is payable in two equal instalments, as follows: 1st...
Submission of the 2023 personal income tax returns has been extended to 31 October 2024
Specifically, a Decree (ΚΔΠ 209/2024) was issued on 21 June 2024 in the Government Gazette which extends the deadline for the submission of the 2023 personal income tax return (Form T.D.1) as well as for the payment of the final tax due for employees, pensioners and self-employed persons (Form T.D.1 self-employed) with a turnover below €70.000 who do not have the obligation to submit audited accounts, to 31 October 2024. ACUTE ADVISORY SERVICES TEAM ................................................................................... Η υποβολή των δηλώσεων φορολογίας εισοδήματος φυσικών προσώπων 2023 παρατάθηκε έως τις 31 Οκτωβρίου 2024. Συγκεκριμένα, εκδόθηκε στις 21 Ιουνίου 2024 Διάταγμα (ΚΔΠ 209/2024) στην Εφημερίδα της Κυβερνήσεως με το οποίο παρατείνεται η προθεσμία υποβολής της δήλωσης φορολογίας εισοδήματος φυσικών προσώπων...June 2024
Αύξηση φορολογικής έκπτωσης ασφαλίστρων για σχέδια ιατροφαρμακευτικής περίθαλψης
The Department of Taxation issued on May 30, 2024, Circular 3/2024 regarding the tax handling of insurance premiums for medical care plans. The Circular provides clarifications regarding the tax treatment of the payment of insurance premiums in medical care plans by individuals for their own coverage and by employers for the coverage of their employees. According to the circular, the plans offered by insurance companies supervised by the Commissioner of Insurance or by organized Funds of employers or professional branches with separate legal personality, are considered to have the approval of the Commissioner of Taxes provided that the tax deduction is granted as follows: Until tax year 2023: providing a deduction, from the...
The Income Tax Return for the year 2023 is now available for submission / H Δήλωση Εισοδήματος Ατόμου για το έτος 2023 είναι τώρα διαθέσιμη για υποβολή
The Tax Department announced on 20 May 2024, that the electronic Income Tax Return for employees, pensioners and self-employed individuals who do not prepare audited financial statements (Form T.D.1) for the year 2023 is available for submission, via the TaxisNet system. It is noted that, the obligation to submit an Income Tax Return for the year 2023, arises only when the annual gross income of natural persons exceeds the amount of €19.500. The deadline for the submission of the Income Tax Return for individuals for the year 2023 and the payment of any tax due without interest and penalties is on 31 July 2024. Remaining at your disposal should you have any questions. ACUTE...April 2024
Deadline for submission Employer’s Tax Declaration – Προθεσμία υποβολής φορολογικής δήλωσης εργοδότη
The deadline for the submission of the Employer’s Annual Tax Declaration (Form TD7) for the year 2023 is the 31st May 2024. Failure to submit the relevant tax declaration carries a €100 penalty for non-compliance. The Employer’s Tax Declaration cannot be submitted unless the employees that are declared on the specific form have valid Cyprus tax identification codes. Remaining at your disposal should you have any questions. ACUTE ADVISORY SERVICES TEAM ......................................................... Η προθεσμία για την υποβολή της Ετήσιας Φορολογικής Δήλωσης Εργοδότη (Έντυπο TD7) για το έτος 2023 είναι η 31η Μαΐου 2024. Η μη υποβολή της σχετικής φορολογικής δήλωσης επιφέρει πρόστιμο 100 ευρώ για μη συμμόρφωση. Η Φορολογική Δήλωση Εργοδότη δεν μπορεί να υποβληθεί εκτός εάν οι εργαζόμενοι...
Abolition of Annual Fee for the year 2024 and thereafter / Κατάργηση Ετήσιου Τέλους για το έτος 2024 και εντεύθεν
With reference to the “Abolition of Annual Fee for the year 2024 and thereafter”, see below link of Announcements of the Department of the Registrar of Companies and Intellectual Property (Companies Branch) in relation to the Abolition of the Annual Fee for the year 2024 and beyond. ΑΝΑΚ. ΤΕΕΔΙ Κλάδου Εταιρειών 21/03/24 ACUTE ADVISORY SERVICES TEAM ................................................. Αναφορικά με το θέμα της «Κατάργησης Ετήσιου Τέλους για το έτος 2024 και εντεύθεν» παρακαλώ δείτε πιο κάτω σύνδεσμο Ανακοινώσεων του Τμήματος Εφόρου Εταιρειών και Διανοητικής Ιδιοκτησίας (Κλάδου Εταιρειών) σε σχέση με την Κατάργηση Ετήσιου Τέλους για το έτος 2024 κι έπειτα . ΑΝΑΚ. ΤΕΕΔΙ Κλάδου Εταιρειών 21/03/24 Η ΟΜΑΔΑ ΤΗΣ ACUTE ADVISORY SERVICESMarch 2024
