Frequently Asked Questions
What services do you offer for individual taxation?
We provide comprehensive services including tax registration, personalized tax advice, strategic tax planning, and preparation and submission of tax returns.
What is the tax year in Cyprus?
The tax year in Cyprus aligns with the calendar year, running from January 1st to December 31st.
How can I minimize my tax liability in Cyprus?
Through tailored tax planning strategies that consider your specific financial situation and leveraging all applicable deductions and credits available under Cyprus tax law.
Do I need to file a tax return if my income is below a certain threshold?
Individuals with an annual income not exceeding €19,500 from various sources like salaries, pensions, and rent typically do not need to submit a tax return in Cyprus.
What deductions can I claim on my tax return?
You may claim deductions for medical expenses, educational expenses, and charitable donations, each requiring specific documentation.
What are the consequences of incorrect tax filing?
Incorrect filings can lead to penalties or missed opportunities for tax benefits. Accurate reporting and compliance with the help of a tax professional are crucial.
Can you represent me in dealings with the Cyprus tax authorities?
Yes, we can represent you in all dealings with tax authorities, including resolving any tax assessments or facilitating settlement processes.
How does the non-domicile status affect personal income tax in Cyprus?
Non-domiciles enjoy significant tax exemptions on foreign-source income, including dividends and interest.
What should I do if I cannot file my tax return by the deadline?
You may apply for an extension to avoid penalties, but it must be requested before the deadline.
What is the penalty for late tax filing in Cyprus?
Late filers may face penalties and interest charges, which escalate the longer the delay.
What income types are exempt from tax in Cyprus?
Certain types of income, like profit from the sale of securities and dividends (under conditions), are tax-exempt.