According to a law published in the official Government Gazette on 22 February 2021, a levy of 0,4% tax, payable by the seller, is applicable on all sales of properties located in Cyprus and/or disposals of shares of companies owning (directly or indirectly) properties located in Cyprus.
The law is aiming to compensate the Greek-Cypriot refugees for their inability to possess, have access to, or otherwise gainfully use their land due to the Turkish invasion and occupation of the northern third of the island in 1974.
An amendment of the law, published in early December 2022, specifies the Tax Commissioner as the responsible authority to collect the 0,4% levy on property sales.
We remain at your disposal for anything you may need in connection with the above.
Contact person
Stelios Ioannou
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Managing Director
The provisions of the Assessment and Collection of Taxes Law, as well as the Value Added Tax (VAT) Legislation require all entities that maintain stock at the end of the year (including raw materials, finished goods and work-in-progress) to perform a stock-take.
This common periodic procedure includes assessing and recording the amount and value of stock held as at the year-end.
Failure to comply with the law requirements, may lead to the imposition of penalties or/and could result to the rejection of the Tax Declaration by the Tax Commissioner.
We remain at your disposal for anything you may need in connection with the above.
Contact person
Stelios Ioannou
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Managing Director
We would like to remind you that all companies incorporated in Cyprus, irrespective of whether they are active or not, or have assets or not, are subject to a €350 levy per annum.
The last day of payment of the annual levy for the year 2022 is the 31st of December 2022. For a late payment of the 2022 Annual Levy, a penalty will be imposed from the Registrar of Companies.
You can proceed with the payment of the annual levy online, through JCCsmart.
Otherwise, we can take over the payment of the Annual Levy on your behalf. The procedure that you need to follow is the following:
1. Transfer the amount of €380 (€350 for the levy payment + €30 to cover our fees and bank charges) to our Clients' Account found below, by 10/06/2022:
CosmoCo Ltd (Clients A/C)
Bank of Cyprus Public Ltd
Account Number: 357003572612
IBAN: CY18002001950000357003572612
SwiftCode: BCYPCY2N
2. On the bank transaction details, indicate "Annual Levy 2022" and your Company Name.
3. Send us a confirmation e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it. requesting the annual levy payment along with an attachment of the bank transfer confirmation, by 10/06/2022.
If you have already paid the 2022 Annual Levy, please ignore this announcement.
We would like to remind you for the requirements of the Cyprus Tax Legislation (Assessment and Collection Law as amended in 2002, article 24) regarding the filing of temporary tax returns and relevant temporary tax payments for the year 2022.
Revision of the Temporary Assessment form
All companies may submit a revised declaration of their estimated taxable profit (upwards or downwards) before 31 December 2022. However, submitting a revised provisional tax declaration with an increased estimated taxable profit will result to a 1,75% interest payable on the difference between the initial and the revised estimated amount to be paid. The interest will be charged from the due date of payment of the 1st instalment.
Interest and Penalties
- An administrative penalty of 5% is imposed on each instalment if the company fails to pay the declared tax by the due dates stated above.
- Interest on an overdue instalment of the tax is calculated at an annual interest rate of 1,75%, on the basis of completed months.
- If the provisional tax declared is lower than the 75% of the actual tax payable for the year, then an additional 10% tax is imposed on the difference of the two.
If you require assistance in calculating your estimated taxable profit, then please provide us with an estimated income statement (detailed) for the year and we will provide you with a forecast income tax computation together with our advice as to whether you should proceed with the filing of a Temporary Tax return or not. It is important to note that companies with no taxable profits do not need to deal with the submission of this return.
For any further information, or if you would like us to proceed with assisting you with the above, please do not hesitate to contact us.
You could proceed with the payment of the provisional tax through JCC. Alternatively, we can take over of the above responsibility. The estimation of profits and transfer of funds in our client’s bank account should reach our office by the 19th of December 2022, otherwise we will consider it as an assumption by you of the responsibility to comply with this obligation.
Please bear in mind that our fees for the above will be €50 plus VAT (total €59,50).
Our clients' bank account details can be found below:
CosmoCo Ltd (Clients A/C)
Bank of Cyprus Public Ltd
Account Number: 357003572612
IBAN: CY18002001950000357003572612
Swift Code: BCYPCY2N
On the transfer details please indicate your Company name and "Temporary Tax 2022 - second instalment".
We remain at your disposal for anything you may need in connection with the above.
Contact person
Stelios Ioannou
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Managing Director
The Council of Ministers issued a Decree (373/2022) on the 23rd of September 2022, which states that individuals are exempted from the obligation to submit a personal income tax return for the tax year 2022 if their annual gross income is below €19.500.
To be reminded, in August 2020, Cyprus amended its Assessment and Collections of Taxes Law stating that from the tax year 2020, all individuals with annual gross income that falls under the provisions of the Article 5 of Income Tax Law are obliged to submit personal tax return.
We remain at your disposal for anything you may need.
Contact person
Stelios Ioannou
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Managing Director