Cyprus Rescinded as NJA in India

On April 21, 2017, the tax treaty between Cyprus and India has been revised, and the designation of Cyprus as a ‘‘notified jurisdictional area’’ by the Indian tax authorities has been completely rescinded.

The government of the Republic of Cyprus and the Government of the Socialist Republic of Romania, have signed an agreement on 16th of November 1981,

Σύμφωνα με το νομοσχέδιο που συζητήθηκε στην Βουλή σχετικά με την επιβολή ΦΠΑ 19% στην πώληση γης, οι αγοραστές θα πληρώνουν ΦΠΑ, όταν αγοράζουν οικόπεδα από επιχειρηματίες ανάπτυξης γης ή από πρόσωπα που πωλούν μαζικά γη και βρίσκονται εντός των περιοχών ανάπτυξης των ορίων των τοπικών σχεδίων ή σχεδίων ανάπτυξης.

PHS has always been a synonym of efficiency - but that was never a result of mere chance, far from it. Years of experience in a highly competitive industry with many challenges have helped us improve and understand

The government of the Republic of Cyprus and the Government of Ukraine, desiring to conclude a Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes of income

Excellent opportunity arises to join our expanding professional and reputable firm. We are looking for a unique individual to support our Administration/Secretarial Department at our Larnaca’s office.

Apparently, an exhausted business account is the most visible sign your business is in dire straits. Still, cash shortage is usually a mere symptom and not the underlying cause of a firm's failure.

The government of the Republic of Cyprus and the Government of the Russian Federation, desiring to conclude an agreement for the avoidance of the double taxation with respect to taxes on income and on capital

We, at PHS, are proud to announce our firm's support as a sponsor to one of the most significant athletic events held this year in Cyprus, the Cycling Tour of Larnaca 2017.

Globalization has been for years the single most significant growth goal for fresh, up-and-coming firms, and the last years an ocean of small to medium sized companies have flooded the global market

The accounting firm your company employs is one of its most significant assets.

If you are considering starting your own business, be aware of the following ten mistakes that you will probably make.

Having a skilled and experiencedaccountant working for you is of vital importance, especially if you are a small business owner. Sadly, the selection of the business accountant is often done hastily, 

Running a successful business in a way that will not affect your flow of money can be a juggling act and time consuming. One should pay attention to many details, such as providing top grade services and

Budgeting

If you own a small business it is most likely that creating a spending plan or budget is probably not what you like doing most, however it is crucial if you want to determine in advance whether you will have enough money to do the things you need to do, or would like to do.

Owning a small business in Cyprus nowadays can prove challenging - especially when trying to avoid becoming a statistic. Close to 50% of businesses won’t survive over 5 years as shown in surveys, which is where accountants come in.

All businesses at some point in time, in their quest on how to save money,and avoid potential trouble with the Cyprus Tax Department, search for the ideal tax accountant, who will not only save them money, but also provide helpful advice for their business.

One misconception is that only big businesses need an accountant’s services, but the truth is that, no matter the size of your company, no other business relationship is as important as the one with your accountant.

Cyprus has long been considered a privileged area for several types of investments and business expansions.

Cyprus boasts one of the lowest taxation in the European Union and has, for many years now, attracted the interest of ship owners that wish to register their vessels or company there.

If you are considering the possibility of founding a company in Cyprus, or maybe expanding your business in this beautiful island, then the first thing you must know about is the 5 requirements that all companies in Cyprus are obliged to abide by every year.

Did you know that Intellectual Property organizations in Cyprus can achieve an effective tax rate of 2.5% from their IP exploitation and at the same time enjoy the protection afforded by the EU and all major international IP treaties and protocols?

Cyprus has been for many years a real magnet for international businesses: nowadays, more than 100,000 international companies have been registered their business in Cyprus

Getting the right people to work for you is one of the factors that will either improve or ruin your business. To make things worse, interviewing and selecting among tens of candidates can prove rather stressful, because your final decisions will be judged in due course. 

Cyprus has long attracted the interest of investors and businessmen that wish to expand their business abroad. In this brief article you will find all the information you need on how to start and run a foreign company in Cyprus. 

You have succeeded in founding your business. You have managed not only to survive during the first difficult years, but lay the foundation for some rather promising prospects. And now, you have this sweet anxiety regarding what to do next.

If a tax resolution issue looms above your head, finding a skilled and experienced tax resolution specialist becomes immediately your first priority. 

The best and fastest way of increasing profits is reducing operational costs, without jeopardizing the quality of your services and products. 

Tax experts who were planning their summer holidays in the Northern Hemisphere could possibly have taken the OECD discussion draft of 5th July, 2016 as part of their summer holiday reading material. 

During the last 20 years we have seen a rather remarkable expansion of numerous multinational companies as a result of fervent and continuous burst of international investments.

The Law provides that stamp duty is payable on any document which concerns any property situated in the Republic of Cyprus or matters or things to be executed or done in the Republic of Cyprus,irrespective of the place of execution of the document.

Reforms to the taxation of non-domiciles

You may be aware that HMRC published a consultation document relating to Non-Doms (The consultation) .

The Council of Ministers of Cyprus, in an effort to accelerate even more growth and to attract even more foreign investment, revised the citizenship by exemption program and they have successfully set new citizenship criteria.

To read the article in Greek click here.

1. Fees for the issue of Tax Rulings


(a) As from 16 May 16 2016 all requests submitted for the issue of tax rulings are subject to fees (payment is made only through the JCC Smart website with code 911) as follows:

Payroll – related regulations in Cyprus
Cypriot tax Law is rather explicit regarding income taxation and, at the same time, regulates the taxation of employees.

We put together an infographic to outline the tax benefits of Cyprus. Take a look and remember to be smart about tax information! You will be amazed at how Cyprus tax system has evolved and some of the interesting facts that would make Cyprus an attractive place for investments. 

Acquiring a Work Permit

How do you get a work permit in Cyprus? Well, let’s start with the basics.
The Cypriot Labor Law is actually an amalgam of the Contract Law, the Statute law and the Common Law. 

The new Law

As of 14 July 2016, the Lands and Surveys Department (Fees and Rights) (as amended) (No 2) Law, the reduction of transfer fees of immovable property is now permanent. 

 These days creating a bank account in Cyprus is a rather straightforward and fast process. The banking system here in Cyprus has changed radically during the last decades, something that has contributed to its impressive growth. 

When we hear about external audits, usually what comes in mind are colossal banks, investment agencies and multinational companies. However, things have changed. Such corporations are by no means the only ones that nowadays require the services of external auditors.

1. “I alone cannot change the world, but I can cast a stone across the water to create many ripples.” That was said by Mother Teresa, also known as the “Blessed Teresa of Calcutta”, a person that devoted all her life in alleviating the pain of others.

1. Meticulous research

Prior to going global it is important to fully understand how this will affect your business:

If you are running your own business, you will know how many challenges are to be faced and how much the business world has changed over a short period of time. 

We live in times when generating more profit for our businesses is not just a token of ambition, but of our will to survive the economic crisis that torments most countries during the last decade. But how can we achieve that?

 

People with money tend to think and see the world differently than others who are less fortunate. Many of the world's wealthy actually had to make their own fortunes as well as trying to keep and add to them. 

Convention for the Avoidance of Double Taxation and the prevention of fiscal evasion with respect on taxes on income between the Republic of Cyprus and the Government of the Republic of India

All companies that are Cyprus tax residents are taxed in accordance with the Cyprus Income Tax Laws and Regulations.

The Cyprus House of Parliament has recently passed a number of amendments to its tax laws, with the primary intention of improving the competitiveness of the Cyprus tax system. These particular changes and those that are on their way, have been characterised as the most significant since the introduction of the Cyprus tax regime in 2003.

Cyprus has become the European jurisdiction of choice for high net worth businessmen and investors from Eastern Mediterranean countries. A significant number have recently established their private and business residence by moving their family and business on the island.

There is a new era for the long standing and exceptional business relationship between Russia and Cyprus.

The Council of Ministers approved a bill regarding foreclosures and sales of mortgaged properties on which the owners have defaulted.

“Intellectual property rights are the rights given to persons over the creations of their minds. They usually give the creator an exclusive right over the use of his/her creation for a certain period of time.

We would like to remind all our clients that according to the Cyprus Company Law and Income Tax Law provisions all Cyprus companies have the obligation to prepare and submit audited financial statements and tax returns to the authorities in Cyprus.

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