Annual levy alert In line with government measures in response to COVID-19, an extension has been given on the payment of annual levy payable to the Registrar of Companies, amounting to €350 per company, from 30th June to 31st December 2020, without any additional charges. In the case where the new deadline stated above is...Read More

Cyprus Tax alert – The payment suspension of the VAT payment until 10/11/20 is further extended The VAT payable arising from the VAT returns submitted for the VAT periods ending on 29/02, 31/03 and 30/04 of 2020, is suspended and can be made in six (6) monthly equal instalments by 10/04/21.   The first payment...Read More

On October 13th, a decision was taken by the Council of Ministers of Cyprus to terminate the existing Cyprus Investment Program. The current program, which has been running since 2013 is set to be discontinued on November 1st. Investors will be able to submit their applications by 31st October 2020 and all pending applications are...Read More

The Personal Income Tax Return (TD1 for Employees and Self-employed individuals without requirement for audited Financial Statements) for the tax year 2019 is available for submission through the TaxisNet system at: TAXISnet Service In order to be able to prepare a Personal Income Tax Return, individuals should be registered on TaxisNet. The deadline for submission...Read More

Cyprus Stock Exchange’s Emerging Companies Market (“ECM”) is similar to the AIM for the London Stock Exchange. As an added advantage, it is a Multilateral Trading Facility (MTF) as defined by the EU’s Markets for Financial Instruments Directive (MiFID) and operated by an EU regulated Stock Exchange. In contrast to AIM and other main stock...Read More

Cyprus is on the way of creating a “Fast Track Business Activation Mechanism”, after the Council of Ministers approved a proposal submitted by the Minister of Energy, Commerce and Industry, Ms Natasa Pilides. The Mechanism will introduce express service for investments from third countries. Companies which will be part of the Mechanism will enjoy greater...Read More

A new process to fast-track building permits in Cyprus is set to start on 1st October 2020, targeting to reduce the application processing time from several months to only 10 or 20 days. According to the Minister of Interior, Nicos Nouris, with the fast-track process, permits will be issued within 20 days for applications submitted...Read More

On 18th August 2020, the long awaited regulations governing the Cyprus Investment Programme have been published in the official Gazette. Although the main financial qualification criteria remain the same, the following changes have now been implemented: 1)    The minimum contributions to local (pre-determined) charitable organisations and innovation institutions have increased from EUR150.000 to EUR200.000 in...Read More

A reminder that the 1st provisional tax instalment for the tax year ending 31 December 2020 is due on 31stJuly 2020 and the deadline for its payment is on 31st August 2020. The payment of provisional tax can be made through www.jccsmart.com. On the website, follow the path: Tax Department -> SELF ASSESSMENTS -> TEMPORARY Assessment...Read More

On 2nd June 2020, an amendment of the Cyprus Income Tax Law has been published in the Official Gazette with respect to tax relief that landlords may claim on rental income subject to voluntarily reducing the rent payable by tenants. According to the amendment, a landlord may claim a tax credit against their income tax...Read More