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 –...
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...
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...
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...
According to the Companies Law, all Cyprus registered companies irrespective of their year of registration are required to pay the Annual Levy of €350 to the Registrar of Companies by 30 June of each year.
The Annual Levy for 2019 is payable by 30 June 2019.
The Annual Levy increases as follows if not paid by the due date:
From 1 July 2019 – 31 August 2019: €385
From 1 September onwards: €490
It is worth noting that,
For group of companies, the total annual levy payable is limited to €20.000 per annum.
Companies that do not...
From 1 January 2019, the long-awaited accounting standard on leases, IFRS 16, became mandatory and therefore replaced IAS 17.
IFRS 16 was originally issued in January 2016 and has already been covered in Financial Accounting and Financial Reporting because early adoption was permitted. However, many companies will only be using this standard for the first time now.
Leases provide an important and flexible source of financing whereby the lessee obtains the use of an asset and incurs a liability when it enters into a lease.
However, IAS 17 made it difficult for investors...
