Strategically located in the eastern Mediterranean, Cyprus has been a robust investment hub throughout the years, an infallible European partner providing targeting, innovative business solutions and an enthralling destination for relocating international corporate headquarters. A significant increase, more than 50…
The launch of the TFA platform will commence (stage 1) on the 27 March 2023. As of then all tax obligations relating to VAT will be processed through the TFA platform exclusively. Due to that transition the Tax department has…
With an announcement from the Tax Department, the zero rate for products and services related to the COVID-19, ceases to apply. Starting from 01/01/2023 the below VAT rates will enter into force: 5% VAT for vaccine deliveries related to the…
On 22 March 2021, the EU Council adopted EU Directive 2021/514 (commonly referred as “DAC 7”) amending Directive 2011/16/EU (DAC-6) on administrative cooperation in the field of taxation. As per DAC-7 implementation, the Digital platform Operators in the EU are…
Following our previous article on the new Tax for All platform, the Tax Department announced that the first step to launch the TFA has started. Probably the most important step for the whole procedure to start the migration to the…
A new innovative platform -Tax For All- (TAF) is underway, by the Tax Department of Cyprus to replace TaxisNet, Tax Portal and other smaller systems. TAF will provide taxpayers and agents with real-time information and a more direct approach of…
Further to the judgement of the EU Court of Justice (CJEU), on 20th November 2022, the Department of Registrar of Companies, of Cyprus has proceeded with announcing that as of November 23rd the general public will no longer have access…
Recently, the Institute of Certified Public Accountants of Cyprus (ICPAC) proposed an alternative option to the assurance of the financial statements of very small entities. In accordance with the ISRE 2400 (revised) a private company, a partnership and a self-employed…
Cyprus, one of the last EU countries to adopt a minimum wage, has agreed to set a national minimum monthly wage at €940. The Minister of Labour and Social Insurance, Kyriakos Kousios, announced this on August 31st, 2022. The implementation…
The Cyprus government passed new tax incentives on 26 July 2022. The scheme is along with the One Stop Shop, and the granting of visas and work permits to the spouses of professionals that relocate to Cyprus was at the…