MT Audit would like to inform its clients and subscribers that in accordance with a Decree issued on 12 March 2021, the following deadlines are extended from 31 March 2021 till 30 September 2021: Electronic submission of 2019 tax returns (Form IR4) for companies; and Electronic submission of 2019 tax return (Form IR1A) for physical [...]

MT Audit would like to inform of the amendments to the provisions of the Law 141/1989, effective as of February 22, 2021. According to the amendment, a contribution of 0,4% is imposed on the sale of immovable property in the Republic. The proceeds will go toward supporting refugees and owners of inaccessible immovable property, to [...]

MT Audit hereby informs that on 15 February 2021, the Cyprus Tax Authorities (CTA) issued a new Implementing Guideline (IG 10/2021) to clarify that a taxable person established in the United Kingdom will be able to register for VAT purposes or remain VAT registered in Cyprus without having to appoint a VAT fiscal representative or [...]

MT Audit would like to remind that the temporary VAT reduction from 9% to 5% for select services within hospitality and passenger transport industries, that was introduced as part of the relief package to support the economy back in July 2020, is over. Therefore, as from 11 January 2021 the below services are subject to [...]

Tax Due Dates by Month 31 January Submission of the Deemed Dividend Distribution declaration (Form IR623) for the year ended 31 December 2018 31 March * Extended till 30 September 2021 Electronic submission of 2019 tax returns (Form IR4) for companies Electronic submission of 2019 tax return (Form IR1) for physical persons preparing audited [...]

MT Audit would like to inform its clients and subscribers that the Social Insurance and General Healthcare System (GHS) contributions for the year 2021 will remain the same as in 2020. I. Social Insurance Both employer and employee Social Insurance contributions will remain at 8,3%. The rate will increase in 2024 to 8,8% and thereafter [...]

Following the updated penalties for late registration(s), the Department of the Registrar of Companies and Official Receiver of the Republic of Cyprus has announced the postponement of the date of imposition of penalties for late submission of the HE32 Form. The new deadline set is the 1st of April 2021 and the charges that will [...]

MT Audit would like to remind of the obligations that arise from the Deemed Dividend Distribution (DDD) provisions that apply on 31 December 2020. The scope of DDD provisions The DDD provisions apply to the profits of Cyprus tax resident companies that are ultimately attributable to shareholders that are Cyprus tax residents and Cyprus domiciled [...]

Following the announcements of the ROC Department dated 23-24/03/2020 regarding the measures to assist the companies that have suffered due to the restrictive measures imposed to limit the spread of the Covid-19, and in particular regarding the submission of 2020 Annual Returns, the ROC Department reminds that the Annual Returns for the period from 01/01/2020 [...]