Cyprus Accounting and Tax Services
Many international clients engage Tetra Consultants for Cyprus accounting and tax services. Tetra Consultants will timely complete your firm’s financial statements, corporate tax returns and manage auditors on your behalf and without the need to travel. It is important to meet the deadlines stipulated by the Qatar Tax Department. Failure to comply will result in late penalties and fines.
Contact us now for a free consultation on Tetra Consultants’ Cyprus accounting and tax services. Our team of experts will revert within the next 24 hours.
Annual Reporting Requirements
- All Cyprus-incorporated companies are required to file annual tax returns 12 months after the financial year ending of 31st.
- Generally, an extension of the deadline by 3 calendar months is given to companies who file electronically.
- The audited financial statements have to be submitted to the Cypriot Registrar of Companies according to the International Financial Reporting Standards.
- As financial statements have to be prepared in Cyprus’ official languages (Greek or Turkish), when preparing your financial statements – we will also appoint a translator to make the necessary translations.
- It is also important to note that all accounting records have to be kept for 6 years from the end of the relevant year.
Corporate Income Tax
- Generally, the corporate tax rate is held at 12.5%.
- For foreign companies based out of Cyprus, you will only be liable for tax imposed on profits earned from your Cyprus business activities.
- Companies who fail to submit their tax returns by the deadline will be further subjected to administrative penalties of minimally €100.
- Besides corporate income tax, there is no tax imposed on dividend income, withholding tax and on foreign exchange gains.
Value Added Tax
- Generally, a standard rate of 19% is imposed on companies.
- This standard tax rate is a requirement for all companies intending to provide goods or services made in Cyprus.
Annual Levy
- In order to maintain your good standing position, your Cyprus company also have to pay an annual levy of €350.
Social Insurance Contribution
- Unique to its own island, Cyprus levies a Social Contribution tax on its employers, employees. Generally speaking, only a company resident in Cyprus will be liable to make Social Contribution.
- This tax rate is placed at 17% on a deemed distribution of 70% calculated from your accounting profits after tax.
Contact us now for a free consultation on Tetra Consultants’ Cyprus accounting and tax services or for assistance with the Cyprus company registration process. Our team of experts will revert within the next 24 hours.
