Changes Cyprus Company Law and Income Tax Law

Under the Cyprus Company Law and Income Tax Law provisions there is an obligation for all Cyprus companies to prepare and submit audited financial statements and tax returns to the authorities in Cyprus.

The deadline for doing this is 31 December following the company’s year-end date (unless the tax return will be submitted electronically in which case there is an additional 3 month extension to 31 March of the following year). The Income Tax office has started contacting all companies that have not yet submitted their tax returns up to the year 2011 with a view to achieving a higher compliance rate.

Companies that fail to do this by April 2014 will face the consequences of the provisions of the Law(s) which may include the imposition of monetary penalties/fines or imprisonment of the Directors or both. 

We would therefore urge you to contact your advisor at Baker Tilly.