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PKF Cyprus

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News and Events from PKF International

Cyprus Immovable Property tax 2014 guidance

 Cyprus immovable property tax for the year 2014 is due for payment until the 30th of November this year. The Cyprus Immovable Property tax is based on the total market value at 1 January 1980 for all properties held by each owner. These values ​​appear on the title deed with reference at 1 January1980. It may, however these values ​​have been revised due to the meanwhile building / construction of additional premises executed after the date of valuation of 1 January 1980 from the Land Registry.

The Inland Revenue Department is planning to send the relevant taxes in the month of August. Along with the Immovable Property Tax notice, a detailed statement of each property owner will also be attached as per the files of the Department of Lands and Surveys.

If the statement does not include all the Cyprus Immovable properties or if property owned in Cyprus with 1 January 1980 values is over €12.500 and no tax assessment have been received, or if there is a disagreement on the ownership of these properties, The District Offices of the Department of Inland Revenue must be attended.

If the resulting Cyprus Immovable Property tax is paid at least one month before the deadline for payment that is paid until 31 October 2014 then it will be a discount of 15% on the outstanding amount. Otherwise if the payment is made after 30 November 2014, there will be an additional charge of 10% of the tax due, plus interest and any administrative fines provided for in the legislation.

New buyers of Cyprus Immovable Property should go to the District Offices of the Department of Inland Revenue (Immovable Property Department) to settle these issues.

For those Cyprus Immovable properties that no title deeds have been issued to the buyers, transferees or beneficiaries on ‘fault of the owner, the above provision will not apply.

Cyprus Immovable Property Tax can be paid to the District Offices of the Inland Revenue Department (Tax Collection Department), presenting the immovable property tax assessment. 2014 Cyprus Immovable Property Tax can also be paid through the website, and Cyprus banks. Taxpayers wishing to pay via the website, they must enter the No. JCCSmart indicated on the Immovable property tax notice and pay using their credit card. Taxpayers wishing to pay via Cyprus banks should have with them the Immovable Property Tax assessment, their Identity Card and the tax amount in cash or their credit card.

Please click here to see Cyprus Immovable Property Tax Rates

How we can help

We can help you fulfill the tax obligations of your Cyprus Immovable Property with the Inland Revenue Department.

Please contact our offices:

(Published: 1 August 2014)

Cyprus Companies implications for not complying with Cyprus Company Law.

The Cyprus Registrar of Companies in order to bring up to date the Cyprus Register of Companies, issued various announcements with which Cyprus companies are urged to:

(1) Pay any amounts due for annual levy for the years 2012 and 2013 and,
(2) File all Company’s annual Returns due (HE32) together with the corresponding Financial Statements. The last annual return due is the annual return for the year 2013 accompanied by the audited accounts for the year 2012, for which in accordance with the notice of the Cyprus Inland Revenue, the last date for submission is 30 June 2014.

Failure of a Cyprus company to comply with the above, in accordance with section 327 of the Cyprus Companies Law, The Cyprus Registrar of Companies may proceed to deregister a company from the Cyprus Companies Register after sending first and second notification to the company and the necessary three month publication is made in the Cyprus Official Gazette. Deregistration procedure may be terminated by the Registrar at any time if the company complies with filing of the above.

How we can help

We can help you fulfill the obligations of your company with the Cyprus Registrar of Companies. For more information please contact our offices:

Limassol                            Nicosia

Cyprus Investment Funds new reformed law (Alternative Investment Funds (AIFs)Law)…The new law is expected to be mostly welcomed by…

 Cyprus recently reformed its law on Investment Funds. The new law is expected to be mostly welcomed by fund managers and fund administrators as Cyprus Investments Funds are now more flexible, transparent and marketable.

The new law is expected to make Cyprus Alternative Investment Funds (AIFs) more attractive than they used to be in the past. Some of the most important new characteristics of the Cyprus Alternative Investment Funds (AIFs) incorporated in the new law are:

– All types of Alternative Investment Funds (AIFs) are now of unlimited duration

– Funds of unlimited number of unit holders – shareholders are now marketed to investors

– Fund units – shares are now freely transferable

– Funds units – shares may now be listed, marketed or traded to investors

– Minimum capital requirements are now 125.000 Euros and for self managed funds 300.000 Euros.

– Under the new legislation the establishment and the supervision passed under the Cyprus Securities and Exchange Commission (CySEC) (Previously the prior approval of the Central Bank of Cyprus, as the regulatory and supervisory authority, was required.)

For more information please contact our offices:

Cyprus companies provisional tax payment for the year 2014…

 Cyprus companies provisional tax payment – year 2014 Cyprus companies are obliged to submit a provisional tax computation of their Cyprus taxable income and Cyprus tax due for the tax year 2014 by 31st July 2014.

The Cyprus tax payable based on the Cyprus taxable income is payable in two equal installments, before or at the following dates:

– 31 July 2014

– 31 December 2014

If any of the installments remain unpaid up to the due dates, 5% penalty is imposed from the due dates of payment and 4.5% annual interest.

The computation to the taxable income can be adjusted prior 31 December 2014. If as a result of the adjustment the tax payable is increased, then the difference between the amount of adjusted installments and the initial installments bears interest from the due dates of each installment.

How can we help

We can help you to calculate and submit your Cyprus Company taxable income and pay your Cyprus tax on or before 31 July 2014 and 31 December 2014.

For more information please contact our offices:

Cyprus companies: Failure to comply with the Cyprus Registrar of Companies…

 The Cyprus Registrar of Companies and Official Receiver announce that all Cyprus companies should until 30/06/2014 file all Annual Returns (HE32) due together with the corresponding Financial Statements.

All Cyprus companies that will fail to meet the above shall be de-registered by the Cyprus Registrar of Companies.

For more information please contact our offices:

How to pay Cyprus Companies annual levy for 2014

 According to Cyprus Company Law (Art. 391 of CAP. 113), Cyprus Company Amendment Law (No.3) 2012 and the Cyprus Companies Amendment Act of 2013, which was adopted on the 17th January 2013, we would like to inform you of Cyprus Companies’ obligation of €350 annual fixed duty for 2014.

Please be advised that the payment of €350 for 2014 is payable until 30th June 2014.

The settlement of the annual duty should ONLY be done through JCCSmart website through the following link:

Please follow the instructions below for the payment through JCCSmart website.

Instructions for the payment of Cyprus Companies annual levy (2014) through JCCSmart website:

1) Click on the following link

2) If you retain an account with JCCSmart please skip steps 3 and 4 and move to step 5. If not, please follow steps 3 and 4 to create one.

3) Click on the link ‘NEW CLIENT’ and input all required data in the fields provided and click the link ‘REGISTER’ – your account has been created.

4) Then repeat the procedure from step 1 by clicking on the following link:

5) Input your email address and the password to be log in the system.

6) Then input company’s number with latin characters (i.e. ΗΕ11111).

7) Then input your card’s details according to the required fields for the completion of the transaction.

For more information please contact our offices: