- March 3, 2021
- Posted by: Panos
- Category: Accounting & Finance, News, Taxation
Annual Statutory Obligations for Cyprus Entities 2021
Cyprus Companies, Partnerships, Self Employed &
Cyprus Branches of Foreign Companies
|Book-keeping records are required to be maintained on monthly basis.|
|If Entity is an Employer|
|Payment of tax deducted from employees of the previous month (PAYE).||Payment of social insurance and related funds withheld from employees of previous month.|
|If Entity is registered in the Information Exchange System
|Electronic submission of monthly sales statements (VIES).|
|If Entity is receiving Rental Income
|Payment of special defense contributions (SDC) withheld from rent paid last month.|
|If Entity is registered to VAT|
|Electronic submission of VAT Return and payment of the VAT amount, if any.|
Annual Financial Statements:
for companies, partnerships and branches, prepared in accordance with international Financial Reporting Standards (IFRS) by an authorised local auditor.
Annual general meeting must be held once every year, preferably in Cyprus.
|Annual Tax Returns for Companies:
The Annual Return need to be completed by the Company Secretary, containing company structure information like capital, directors, shareholders, secretary, registered office address; to be submitted to the Registrar of Companies accompanied by financial statements in Greek language and stamp duty.
€350 payable to the Registrar of Companies for maintaining the company active.
Surcharge and interest applies for late submissions of returns.