March 2023

TFA – Extention in the submission of VAT Declarations – Παράταση στην υποβολή Δηλώσεων ΦΠΑ

Dear Clients and Associates, Please see below the announcement from the Tax Department regarding the Extension in the submission of Declarations – TFA. Remaining at your disposal should you have any questions. / Αγαπητοί Πελάτες και Συνεργάτες, Ακολουθεί ανακοίνωση του Τμήματος Φορολογίας σχετικά με την Παράταση στην υποβολή Δηλώσεων – TFA: Το Τμήμα Φορολογίας ενημερώνει ότι από τις 27 Μαρτίου 2023 όλες οι φορολογικές υποχρεώσεις για σκοπούς Φ.Π.Α. θα διεκπεραιώνονται αποκλειστικά και μόνο μέσω του TAX For All - TFA. Για την διευκόλυνση των χρηστών στο μεταβατικό αυτό στάσδιο το Τμήμα Φορολογίας ανακοινώνει παράταση στην καταληκτική ημερομηνία υποβολής των Δηλώσεων Φ.Π.Α. κανονικό καθεστώς ως ακολούθως:   Φορολογική Περίοδος Αρχική Ημερομηνία Υποβολής μέχρι: Νέα Ημερομηνία Υποβολής μέχρι: 01/12/2022-28/02/2023 10 Απριλίου 2023 26...

New Tax For All (TFA) platform

VAT TAXISnet will switch off on 16 March 2023 and the VAT module of the new Tax For All (TFA) platform will switch on 27 March 2023.  In its latest update the Tax Department has confirmed the following: VAT TAXISnet will be available up to 16 March 2023. This is the last day on which you will be able to submit VAT returns, VIES returns and refund requests through TAXISnet. The VAT module of TFA will go live on 27 March 2023. As of this day, all VAT returns (including special taxi and farmers schemes), VIES returns and refund requests will be submitted only through TFA. The gap between the two dates...

January 2023

TFA-Tax For All

On behalf of the Tax Department, we inform you that the notification of taxpayers has begun in relation to the gradual implementation of TFA-Tax For All, the Unified Tax Management System, which at this initial stage ONLY affects persons who are registered in the Tax Department's register for VAT purposes. Attached: Sample of the content of the e-mail to TAXISnet VAT users, to change the access code, the sending of which has already started, Announcement posted on the website of the Tax Department to update the e-mail address Please proceed to: Changing the access code, where necessary, making it easy to remember and user-friendly since in the new TFA system you will...

Social Insurance contributions for 2023

This year the maximum insurable amount applicable for social insurance contribution purposes has been increased to €60.060 per annum. The Social Insurance Contributions for 2023 are summarized above. Note 1: Social cohesion fund is calculated on total emoluments and has no maximum level. Note 2: As from 1 January 2023, the maximum amount applicable for Social Insurance contribution purposes has increased to €60.060 p.a. from €58.080, €5.005 per month for monthly paid employees from €4.840 and €1.155 per week for weekly paid employees from €1.117. Remaining at your disposal should you have any questions. ACUTE ADVISORY SERVICES TEAM

December 2022


Deemed dividend distribution that relate to the tax year 2020

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 2020. 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 2020. The deemed dividend will be considered as having been distributed two years from the end of the year it relates to. Therefore for 2020 the date of deemed distribution is 31 December 2022 (Last date of payment 30th January 2023). The deemed distribution provisions are not applicable to...