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VAT & TAX

Value Added Tax

Non-compliance with VAT regulations can be costly and the fines for failure to comply with the legislation may result in excessive penalties. McMillan Woods Cyprus makes sure to help clients by reviewing their VAT systems to determine their effectiveness. If these are found to be lacking, we help devise the appropriate strategies to mitigate future errors and reduce risks.

VAT Returns and Registration

Trading companies engaged in general trading may register with the VAT authority in Cyprus which when trading within the European Union is mandatory. Registration is compulsory for businesses which have a taxable turnover from the supply of goods in Cyprus in excess of €15,600 during the twelve preceding months.

Our expert team assists clients with:

  • VAT registration
  • VAT investigations
  • Completions and submission of VAT returns.

Intrastat Returns and Registration

In addition to VAT returns, companies trading in Cyprus may be required to complete statistical reports, ‘Intrastat’, on the movement of goods across the national borders. This can include both sales to other companies, but also the movement of goods by the same company.

We assist our clients with:

  • Intrastat Registration
  • Preparation and submission of Intrastat forms.

VIES Returns and Registration

V.I.E.S. declarations are necessary for the supply of goods and services between EU Member States. VAT registered traders involved in the supply of goods and services have reported responsibilities in the form of submitting a V.I.E.S return. This enables traders to check the validity of VAT registration numbers of their customers and detect the unreported movement of zero-rated goods between Member States.

Our team assists our clients with:

  • VIES Registration
  • Preparation and submission of VIES returns

VAT is one of the most complex and stringiest areas of taxation with ever-changing Laws and Legislations. Our always up to date team will guide you to be in compliance with the laws and make sure you are updated with new legislations.

Capital Gains and Immovable Property Tax

Capital Gains Tax in Cyprus is imposed on gains from disposal of immovable property situated in the Republic, including shares of companies not listed on a recognised Stock Exchange which own immovable property situated in the Republic, at the rate of 20%

We consult and assist clients with regards to:

  • Capital Gains Tax
  • Immovable Property Tax

Tax Compliance

Our experienced and qualified team ensures compliance with the current local and international tax legislation which includes the following:

Tax Advisory

  • International tax planning structures
  • Tax review
  • Tax rulings
  • Tax clearance

Tax Administration

  • Registration within the Inland Revenue Department
  • Preparation and submission of annual tax returns
  • Tax Residency Certificates
  • Preparation of annual income tax computations
  • Preparation and submission of Annual Provisional tax declarations
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