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Author:admin
Mar 04 2020

GHS increase 1 March 2019

corporate, social insurances, ΓΕΣΥ/GHS
by admin

Following the first phase of the newly introduced healthcare system in Cyprus, which came into force on 1 March 2019, we would like to inform you that as from 1 March 2020 the contribution rates to the GHS will increase as shown in the table below.   Contribution Category Up to 29 February 2020 As of 1 March 2020 onwards     % % A) Employees/ Pensioners/ Income Earners/ persons holding an office 1,70 2,65 B) Employers 1,85 2,90 C) Self-employed individuals 2,55 4,00 D) The Republic or natural/legal person responsible for the remuneration of Officers 1,85 2,90 E) The Republic 1,65 4,70 For the purpose of calculating the GHS Contributions, gross emoluments are capped to €180.000 per annum with the exception of categories D and E...

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Jan 31 2020

Έκπτωση για ασφάλιστρα και συνεισφορές

accounting, audit, Tax
by admin

Έκπτωση για ασφάλιστρα και συνεισφορές Τροποποιητικός νόμος Ν173(Ι)/2019 Tο Τμήμα Φορολογίας ενημερώνει ότι, με βάση τον Τροποποιητικό Νόμο Ν173(Ι)/2019 ο οποίος τέθηκε σε ισχύ από 19/12/2019, η έκπτωση για ασφάλιστρα και συνεισφορές, δεν μπορεί να υπερβαίνει το ένα πέμπτο (1/5) του Καθαρού Εισοδήματος, αντί του ενός έκτου (1/6) που ίσχυε προηγουμένως. Στη βάση των πιο πάνω, στη Δήλωση Εισοδήματος Ατόμου για το έτος 2019, το μέγιστο της έκπτωσης που μπορεί να παραχωρηθεί για ασφάλιστρα και συνεισφορές, όπως αυτά καθορίζονται στο Άρθρο 14 του περί Φορολογίας του Εισοδήματος Νόμου Ν118(I)/2002, ανέρχεται στο ένα πέμπτο (1/5) επί του Καθαρού Εισοδήματος.   Σημείωση: Καθαρό Εισόδημα...

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Jan 09 2020

Αναθεώρηση Ανώτατου Ορίου Ασφαλιστέων Αποδοχών, Τεκμαρτών Εισοδημάτων Αυτοτελώς Εργαζομένων και Βοηθημάτων

accounting, social insurances
by admin

Οι Υπηρεσίες Κοινωνικών Ασφαλίσεων ανακοινώνουν ότι, σύμφωνα με τους περί Κοινωνικών Ασφαλίσεων Νόμους του 2010 μέχρι 2019, από τον Ιανουάριο του 2020 θα ισχύουν τα ακόλουθα: (1)  Το ανώτατο όριο ασφαλιστέων αποδοχών αυξάνεται από το μήνα εισφορών Ιανουάριο 2020 σε €1.055 την εβδομάδα και σε €4.572 το μήνα. (2)  Τα τεκμαρτά εισοδήματα των αυτοτελώς εργαζομένων πάνω στα οποία υπολογίζονται οι εισφορές κοινωνικών ασφαλίσεων αυξάνονται κατά 0,45% από 6.1.2020. (3)  Οι συντάξεις Κοινωνικών Ασφαλίσεων αυξάνονται από 1.1.2020 κατά 0,45% στο βασικό μέρος σε σχέση με τα ποσά που ίσχυαν κατά την 1.1.2019. Στο συμπληρωματικό μέρος, σύμφωνα...

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Aug 14 2019

Incentives for a Natural Film Studio

corporate, cyprus, Tax, VAT
by admin

Without any doubt, Cyprus is an attractive destination for foreign investments due to the position of the Island, the attractive tax benefits and also the available incentives for various types of foreign investments.   The Cyprus Government is encouraging foreign investors to invest in Cyprus Film sector and have announced recently various incentives. Below we have set valuable information which can be very helpful to give you a briefing about the incentives.   Cash rebate: Rebate of up to 25%-35% on eligible expenditures incurred in Cyprus. The amount granted will depend on the score of the...

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Aug 07 2019

Sale and leaseback transactions and IFRS 16 implications

accounting, shipping
by admin

  The shipping industry has experienced a very challenging decade with suppressed rates and ongoing impact of the 2008 financial crisis including the reform of the banking industry with the implementation of stricter risk management rules. The new Basel III rules have led a lot of the traditional shipping banks to restructure their corporate lending portfolios including shipping. In some cases the banks have decided to drastically reduce their exposure to the shipping industry due to a high perception of risk and concerns regarding its cyclical nature. This has resulted to...

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Aug 05 2019

Notional Interest Deduction

accounting, corporate, Tax
by admin

Notional Interest Deduction – The Basics The Notional Interest Deduction (“NID”) is a new powerful tool provided to local and international businesses which enables them to deleverage and realize a tax efficient return on new (qualifying) equity. This return is achieved through the deduction of a “notional” interest expense from their taxable income. This means that properly managed and structured a company's corporation tax duty can be dropped from 12.5% to as low as 2.5% making the company a substantial saving in corporation tax. Please refer to the below link for more information:   Notional Interest Deduction –...

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Aug 05 2019

The Intellectual Property (IP) Tax Regime in Cyprus

accounting, corporate, cyprus, Tax
by admin

THE INTELLECTUAL PROPERTY (IP) TAX REGIME IN CYPRUS On 14 October 2016, the House of Representatives passed amendments to the Income Tax Law in order to align the current Cyprus IP tax legislation with the provisions of Action 5 of the OECD’s Base Erosion and Profit Shifting (BEPS) project. The amendments apply retroactively, as from 1 July 2016. The revised legislation includes certain transitional provisions for IP assets that have already qualified under the existing IP box regime. In such cases, taxpayers will continue to benefit from the existing IP regime for a...

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Jul 05 2019

Payment of 1st provisional tax instalment for tax year 2019

accounting, cyprus, cyprus law, FSMO, Tax
by admin

We would like to remind you that the deadline for the payment of the first provisional tax instalment for tax year 2019 is the 31st of July 2019.   Provisional tax payment obligation The following persons should consider whether a provisional tax payment would arise based on their expected annual taxable income: 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 whether the taxpayer is an individual or a company) on the expected taxable...

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May 17 2019

ΥΠΕΝΘΥΜΙΣΗ ΔΗΛΩΣΗ ΕΙΣΟΔΗΜΑΤΟΣ 2018 – REMINDER INCOME TAX RETURN 2018

accounting, cyprus, FSMO, Tax
by admin

Υπενθύμιση Επισημαίνεται ότι, η τελευταία ημερομηνία υποβολής της Δήλωσης Εισοδήματος Μισθωτού είναι η 31η Ιουλίου, 2019 και Αυτοεργοδοτούμενου (χωρίς λογαριασμούς) είναι η 30η Σεπτεμβρίου, 2019. Παρακαλείστε να κλείσετε το ραντεβού σας έγκαιρα για να σας βοηθήσουμε στην προετοιμασία της φορολογικής δήλωσης και της πληρωμής του οποιουδήποτε καταβλητέου φόρου εισοδήματος. Reminder Please note that the last date of submission of the Employee Income Tax return is the 31st of July 2019, and for the Self-Employed (with no accounts) is the 30st of September 2019. Please book your appointment early with FSMO team in order to assist you with...

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OUR FIRM

FSMO Corporate Services Ltd is a licensed firm under the Institute of Certified Public Accountants of Cyprus (ICPAC) and its offices are based in the heart of Limassol. The Directors are members of the Association of Chartered Certified Accountants (ACCA) and also of the Association of Chartered Accountants in England and Wales (ACAEW). The Firm is a young and dynamic organization with the philosophy to focus on total client needs, to add value in all that we do and provide quality service with personalized attention.

LINKS

ADDRESS

302 Agiou Andreou Street, Office A, CY3035 Limassol - Cyprus

+357 25 053 510

+357 25 029 182

info@fsmocy.com

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