#2023 Archives - Acute Advisory Services

DEEMED DIVIDEND DISTRIBUTION THAT RELATES TO THE TAX YEAR 2023

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 2023. 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 2023. The deemed dividend will be considered as having been distributed two years from the end of the year it relates to. Therefore for 2023 the date of deemed distribution is 31 December 2025 (Last date of payment 30th January 2026). The deemed distribution provisions are not applicable to the...

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