The Department of Registrar of Companies has approved an extension to the time given for the submission of beneficial ownership data to the register of Beneficial Owners of Companies and other legal entities until 31/03/2024 and waived penalties incurred from 1/1/2024 till 16/1/2024.
In continuation of the announcement circulate on the 2nd of November 2023, we inform you that as from the 1st of January 2024 the social insurance contribution tax is increased to 8.8% and 1% for self employed. Also, the maximum amount applicable for social insurance contribution purposes has been increased from €60,060.00 to €62,868.00 per annum, for monthly paid employees from €5,005.00 to €5,239.00 per month and for weekly paid employees from €1,155.00 to €1,209.00 per week.
All Cyprus companies regardless if they are dormant or not, have an obligation to prepare and file audited Financial Statements to both the Registrar of Companies and the Tax Authorities. Additionally, banks are requesting audited Financial Statements for 2022 and 2023. All companies to be up to date and in good standing should have submitted already Financial Statements up to 2021 and till 30/3/2024 they have to file Financial Statements 2022 and until 30/3/2025 Financial Statements of 2023. Therefore, please contact immediately Globalserve or your accountants to instruct them for the preparation.