CYPRUS TAX DIARY FOR THE PERIOD JUNE TO AUGUST 2014

By 30th of June 2014 :

As from 2011 an annual levy of €350 is introduced for all companies incorporated in Cyprus payable to the Registrar of Companies. New incorporated companies between the period 01/07/2013-30/06/2014 needs to pay the 2014 annual levy also. The levy for 2014 is payable on or before 30th of June 2014.

Penalty
In case of up to a 2-month delay – 10% penalty.
In case of a delay between 2 and 5 months – a 40% penalty.

Non-payment of the levy may result in a de-registration (strike-off) of a company by the Cyprus Registrar of Companies. If a company is re-instated within a 2-year period from its strike-off a fixed penalty of €500 (in addition to the outstanding amount of the levy) is imposed. The fixed fee will be increased up to €750 where a company is re-instated after the 2-year period.

Submission of 2013 income tax return for trading individuals who do not prepare audit financial statements and their income exceeds €19,500. Payment of tax balance for 2013 through self-assessment by individuals who do not prepare audit financial statements.

By 31st of July 2014 :

Electronic submission by employers for the year 2013( Employer’s emoluments return, Form IR7). Submission  of the 2014 provisional  tax return and payment of the first instalment.

By 1st of August 2014:

Payment  of 2013 final corporation tax under  the self-assessment method. Payment  of 2013 personal income tax under  the self-assessment method by individuals preparing audited financial statements.

Further information contact us on +357 25558025

TAX ALERT – 2014

According to Law 170(I) of 2012 (No.4) amending the Social Insurance Law of 2010, the following provisions will be enforced:

As from January 1st 2014:

Social Insurance

The rate for the calculation of the Social Insurance contribution for the employee and the employer is increased to 7,8% from 6,8% on the insurable amount.

*The maximum amount that applies for 2014 is €54.396 (weekly €1.046/ monthly €4.533)

Special Contribution

The following Special Contributions are payable according to monthly income of a salaried employee:

For any further information you need in connection with the above please refer to Nicoletta Demetriou at our Limassol office.

FAIRFAX SERVICES

Fairfax Services brochure can be downloaded here. Fairfax  – Cyprus Brochure (1).pdf

Fairfax  specializes in the outsourcing of bookkeeping, accounting, payroll and immigration services and offers a cost-effective strategy that saves companies time, staff and infrastructure costs. A GRS Group company, our services also include company formation and management through our trusted and recommended partners.

The Fairfax team provides a high level of service with a personal approach. Tailoring our services to your specific needs and working closely in partnership with your local team and advisors, we are able to support you in all your company’s associated accounting and corporate management requirements giving you access to a full range of professionals – accountants, company secretarial, payroll champions, tax experts and HR specialists.

The Fairfax client list includes fresh start ups to some of the world’s leading companies and organisations who appoint and trust Fairfax as their experienced and professional outsourced partner.

Fairfax is adept at servicing the needs of any business for all your outsourcing requirements in Cyprus.

HOW TO GET A WORK PERMIT IN CYPRUS

Learn more about the process of obtaining a Cyprus work permit through GRS’ group company, Fairfax.

Cyprus is a highly popular location for emigration. Thousands of people a year relocate to the island with the intention of living and working here. With low tax rates, a cosmopolitan lifestyle and year-round sunshine, there are plenty of reasons to consider relocating to Cyprus.

Though the 2013 financial crisis had a negative impact on the country’s economy, there are still plenty of jobs in Cyprus. Recruitment in Cyprus remains high and there is a strong need for skilled individuals, particularly professional services individuals with experience in accounting, auditing, bookkeeping, law and administration. Furthermore, Cyprus’ forex industry is booming with a year on year increase in available job vacancies. In 2014, 27% of job vacancies at GRS were filled in forex while 25% were filled in the professional service sector.

Obtaining a Work Permit in Cyprus with Fairfax 

If you are an EU citizen then there is no need to obtain a visa to work in Cyprus, however you do need to arrange an immigration appointment in order to obtain a Certificate of Registration of Union Citizen and EU Citizen (also known as a Yellow slip). This will enable you to register in the Civil Registry and Migration Department.

If you are a non-EU citizen then you will need to obtain a work permit and visa to prove eligibility to live and work here.

The process of obtaining a Cyprus work permit can be relatively tricky, but by attaining the assistance of a specialist company, such as GRS’ Group Company, Fairfax, the entire procedure will be far quicker, easier and more straightforward.

Headed by Nicoletta Demetriou, the team at Fairfax has many years of experience in dealing with a wealth of immigration requirements, including the obtainment of Yellow slips, resident permits, work permit applications and Cyprus passports.

Fairfax offers the most cost-effective and time-saving solutions to ensure you obtain your permit smoothly and with minimal complications, and will assist you throughout the entire process.

With Fairfax all needed documentation will be collated and completed, including the relevant application forms. Other accompanied documentation required, including a clean criminal record certificate, a medical certificate, a bank letter of guarantee, a passport copy and a signed contract of employment can be collected with the assistance of Fairfax.

SPOTLIGHT ON NICOLETTA DEMETRIOU; DIRECTOR OF ACCOUNTS & PAYROLL AT FAIRFAX

Nicoletta Demetriou, Director of Accounts and Payroll at Fairfax, is ambitious, determined and hardworking. Fluent in both Greek and English, she has worked resolutely to expand her career in accounting and payroll on both a local and international scale and now holds the role of Director of Accounts & Payroll at Fairfax, which focuses on outsourcing of bookkeeping, accounting, payroll and immigration services. Heading a strong team, she works persistently hard to achieve her goals and satisfy the needs of each of her clients in a professional, efficient and flexible manner.

About Nicoletta

Nicoletta graduated from Kingston University, London, with a Bachelor’s degree in Accounting and Finance. Here, she acquired the skills and knowledge that shaped the foundations of her career.

After graduating from university she landed her first professional job role at the prestigious firm, PWC Cyprus, where she built her way up to Manager in Global Compliance Services.

During this time Nicoletta also focused her efforts on increasing her influence and expertise in the industry, and soon became a member of the Cyprus Institute of Certified Public Accountants and a Fellow of the ACCA.

At PWC Nicoletta increased her knowledge of the industry and gained an exceptional level of experience in bookkeeping, preparation and reviewing of VAT calculations and monthly management reports. Within this role she became an expert in monthly payroll preparation where she was responsible for setting up payroll records, preparing individual tax computation and personal income tax returns, amongst many other responsibilities.

Following her role at PWC she then joined GRS Recruitment as Senior Manager of Accounts & Payroll, where she provided payroll services to some of the world’s leading organisations including Hewlett Packard, Oracle and Sony. Today, she holds the esteemed role of Director for GRS’ Group Company, Fairfax.

Nicoletta possesses more than 15 years’ experience in running payroll and accounting services for local and international companies who have a presence in Cyprus. Together with the robust team at Fairfax, she is now responsible for overseeing complex and technical payroll and account processing services. Here, she combines a high level of service with a personal approach and absolute flexibility, ensuring that each and every service is tailored to the individual client’s exact requirements.

Outsourcing Paves the Way to Reduced Costs

Outsourcing payroll, bookkeeping and provident fund services in our turbulent economic environment is the most valuable and cost-effective solution for any business. As a result of the economic setback that swept its way across the globe, countless local and international businesses have turned to outsourcing services as a way to eliminate typical overhead costs associated with hiring in-house employees.

Outsourcing not only possesses financial benefits – it is the perfect way to free up employee’s time, allowing them to focus on their core responsibilities. With Nicoletta heading Fairfax’s outsourced services, clients can benefit from a superior quality of service that is proficient, reliable and compliant.

By outsourcing the payroll of your workforce to Fairfax your business will benefit from a reduced portfolio of activities, thus enabling you to focus more closely on significant business functions, leverage outside expertise and of course, reduce overhead costs.

For more information you may contact Nicoletta on +357 25558025 or Email: nicoletta@fairfaxyeaman.com