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A & C CHRISTOFI LTD > Tax & Vat & Other info

Cyprus TAX & VAT & Other Information

A & C CHRISTOFI LTD, a professional services company, through its knowledge, experience and people offers to its clients, both local and international, a broad range of fully integrated and high quality services since “Your Business is Our Concern”.Cyprus is world-wide known for the advantages that is able to offer to both individuals and corporations mainly from tax perspective.

PERSONAL INCOME TAX

An individual is tax resident in Cyprus if he/she is physically present in Cyprus for an aggregate period exceeding 183 days in the tax year.

SPECIAL CONTRIBUTION

Individual and pensioners working in Cyprus have the responsibility to pay taxes according to their monthly special.

CORPORATION TAX

A company which is managed and controlled in Cyprus, is considered tax resident in Cyprus and is liable to tax on income arising both from sources within and outside the Cyprus.

DEFENCE CONTRIBUTION

The special contribution for defence applies only to income earned by Cyprus tax residents. Non-tax residents are exempt from special contribution for defence.

CAPITAL GAINS TAX

Capital Gains Tax is charged at the rate of 20% on gains arising from the disposal of immovable property located in Cyprus.

IMMOVABLE PROPERTY TAX

The registered owner is liable for this annual tax which is based on the the market value of the immovable property.

PROPERTY TRANSFER FEES

The purchaser will be liable to pay the following transfer fees for the property acquired, when this is registered in his/her name at the Land Registry Office.

INHERITANCE TAX

The purchaser will be liable to pay the following transfer fees for the property acquired, when this is registered in his/her name at the Land Registry Office.

STAMP DUTIES

There are a number of documents on which a duty needs to be paid to the Tax Authorities

TAX SUBMISSION DATES

Payment of tax withheld in the preceding month on payments to non-Cyprus residents.

SOCIAL INSURANCE

Social Insurance Contributions (SICs) are payable by the employer, employees and self-employed persons based on their insurance earnings.

VALUE ADDED TAX

Taxable persons charge VAT on their taxable supplies (output VAT) and are charged with VAT on goods or services received (input VAT).

TRUST AND FUNDS

A trust is established by an individual and is a means whereby property is held by one or more persons for the benefit of another or others.

SHIPPING

As from 24th March 2010, the Tonnage Tax System (TTS) was introduced with the Merchant Shipping (Fees & Taxing Provisions) Law 44(I) of 2010 with effect as from 1 January 2010.

COMPANY REGISTRAR

To maintain a good reputation and is registered in the Companies Registry, since June 2011, all companies in Cyprus Registrar of Companies.

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