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accounting Tag

Jan 03 2021

We are Hiring! – Accounting Officer

Our office is looking for a passionate and motivated Accountant to join our Team.   Accounting Officer (Corporate Services)   Duties: Daily bookkeeping - accounting records for local and international clients. Correspondence and communication with clients. Preparation and submission of VAT and VIES reporting. Managing his/her portfolio of clients and coordination with the audit team. Recording of accounting transactions related to expenses and revenues. Preparation of Monthly Reconciliations of suppliers, customers, Banks. Preparation and submission of quarterly VAT Report. Maintenance of cash book in daily basis. Registrations New Employees to Tax and Social Insurance...

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Apr 23 2020

Ανακοίνωση ΦΠΑ – Αλλαγή καθορισμένης περιόδου ΦΠΑ και οφειλόμενο ΦΠΑ

Σας κοινοποιείται για ενημέρωσή σας ανακοίνωση από το Τμήμα Φορολογίας αναφορικά με την αλλαγή καθορισμένης φορολογικής περιόδου και τον υπολογισμό του οφειλόμενου φόρου. Η παρούσα ανακοίνωση αφορά μόνο τα πρόσωπα τα οποία έχουν λάβει σχετική ειδοποίηση με μήνυμα στην τελευταία ηλεκτρονική διεύθυνση που είναι καταχωρημένη στο σύστημα TAXISnet σε σχέση με την επιχείρηση τους.   Ανακοίνωση 1 Αλλαγή καθορισμένης Φορ Περ ΦΠΑ και οφειλόμενος ΦΠΑ   Ανακοίνωση 2 Διευκρινήσεις στην ανακοίνωση 16042020  ...

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Aug 07 2019

Sale and leaseback transactions and IFRS 16 implications

  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

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

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

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

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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May 17 2019

Payment of the 2019 Annual Levy (€350) by Cyprus registered companies

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...

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Apr 17 2019

IFRS 16 – Applicable from 1 January 2019

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...

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