Tag Archives: Tax



10/06/2020

TAX SERVICES TEAM IS GETTING STRONGER

in 2020, Tax, Updates

We are proud to announce that Yiallourides & Partners LTD has established an association with TPAC LTD a company specialising in transfer pricing studies (TPS), with Mr. Panikos N. Tsiailis FCCA as the managing director. TPAC will be working in close cooperation with our tax team.

To read the full announcement, please click here.

17/04/2020

CHANGE OF TAX PERIOD AND CALCULATION OF VAT PAYABLE

in 2020, Updates, VAT

The following must be applied ONLY by those Companies that have been notified by the Authorities through TAXISnet.

Change of Tax period

The next tax period ends on 31st March 2020 and then after every calendar month until 30th June 2020.

The filling day of the VAT Return will be the 27th day following the end of each period. In that respect the filling dates change as follows:

Normal tax periodNew tax periodDeadline for filing and payment of VAT for the tax period up to 31/3/2020
1/1/2020- 31/3/20201/1/2020- 31/3/202027/4/2020
1/2/2020- 30/4/20201/2/2020- 31/3/202027/4/2020
1/3/2020- 31/5/20201/3/2020- 31/3/202027/4/2020

Then after and starting as from 1/4/2020:

New Tax periodFinal date for T.R. submission and payment of tax payable
1/4/2020-30/4/202027/5/2020
1/5/2020- 31/5/202027/6/2020
1/6/2020- 30/6/202027/7/2020

Calculation of tax payable

  • For those Companies that are included in Table 1 here below the VAT amount payable must be in full – 100%
  • For any other Company, VAT payable 30% of the amount due up to that period taking into consideration the balance due from previous periods.
Payment date  27/4/202027/5/202027/6/202027/7/2020
 Calculation of tax payable30% of the VAT due for the period up to 31/03/202030% of the VAT due for the period up to 30/4/2020   plus 30% of the VAT due for the period up to 31/03/202030% of the VAT due for the period up to 31/5/2020   plus 30% of the VAT due for the period up to 30/04/2020 and 31/03/202030% of  the VAT due for the period up to 30/6/2020 plus 30% of the VAT due for the period up to 31/05/2020, 30/04/2020 and 31/03/2020

The balance due must be settled by November 10th 2020.

TABLE 1

35111 Electrical power supply
36001 Collection and distribution of water
47111 Supermarkets
47112 Mini – markets
47211 Retail sales of fruits and vegetables
47221 Retail sales of meat and poultry
47241 Bakeries
47242 Patisseries
47301 Petrol stations
47411 Computer hardware, software and video games retailers
47621 Office supplies reatilers and newspaper distributors
61101 CYTA
61201 Internet providers
61301 Satellite communications
61901 Other telecommunication companies

08/01/2019

Social Security and National Health System (GESY)

in 2019, Tax

As from the 1st of January 2019 the Social Insurance fund contributions have been increased and as from the 1st of March 2019 a new contribution will be introduced for GESY – National Health System.

For more information, please click here.

04/10/2017

EXTENSION OF THE PERIOD FOR MAKING ARRANGEMENTS FOR SETTLEMENT OF TAXES IN ARREARS IN CYPRUS

in 2017, Finance, Tax
  1. Introduction

On 29 September 2017, a law which extends the deadline for submission of a claim for the payment of tax arrears from 3 October 2017 to 3 January 2018 was passed by the House of Representatives of Cyprus.

The new law also limits the time by which tax returns up to the tax year 2015 not yet filed may be filed. All such tax returns must now be filed until 30 June 2018 to benefit with the provisions of the law.

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