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Tax Services
CONTENTS
Deloitte in Cyprus . 1 Income Tax - Individuals . 2-7 Income Tax - Companies . 8-16 Special Contribution for Defence . 17-20 Profi ts from Shipping Activities . 21 Capital Gains Tax . 22-23 Immovable Property Tax . 24 Maintenance of Accounting Books and Records . 26 Tax Treaties . 27-31 Tax Diary . 32-34 Value Added Tax . 35-38 Social Contributions . 39-41 Transfer Fees for Immovable Property . 42-43 Companies Registrar Rights and Fees . 45-46 Special Contribution by Employees, etc of the Private Sector . 47 The Deloitte Tax Management Team . 48 Deloitte Partners & Board Members . 49 Our Offi ces & Your Contacts in Cyprus . 50 I would like to welcome you to Deloitte's annual Cyprus tax facts.
Cyprus tax facts has proven to be a useful tool for all businesses and individuals wishing to have up to date information on the tax environment in Cyprus.
The provision of taxation services is one of our core service lines with special emphasis on Business Tax, Personal Tax, Indirect Tax (including VAT), Global Employer Services (including solutions for High Net Wealth Individuals) and Cross-border Tax. Christis M. Christoforou - CEO The tax information contained in this publication is accurate as at 1 January 2015. The information included within is designed to increase the reader's general awareness of the Cyprus Tax System and in no case should substitute seeking professional advice. For explanations, clarifications or professional advice please contact your Deloitte advisors.
DELOITTE IN CYPRUS
Deloitte is one of the largest providers of audit, tax, consulting and financial advisory services in Cyprus.
Our wide range of professional services includes: audit of financial statements in accordance with
International, UK or US audit standards tax services to both Cyprus and foreign companies
consulting services including financial and management
consulting, information technology (IT), EU advisory services and human resource consulting investment & wealth advisory services
e-business services
corporate finance services as well as advice and
assistance to private companies considering to go public accounting services
formation of companies with lawyers and special
services to international business companies Our International Firm
Deloitte Touche Tohmatsu Limited (DTTL) is one of the largest private professional services organisations in the world.
More than 210.000 people in over 150 countries serve more than 80% of the world's largest companies, national enterprises, public institutions, as well as fast-growing small and medium sized enterprises.
Deloitte Cyprus tax facts 2015 INCOME TAX
Imposition of tax
An individual who is tax resident in the Republic of Cyprus (the Republic), is taxed on income accruing or arising from sources both within and outside the Republic.
An individual who is not tax resident in the Republic, is taxed on income accruing or arising only from sources within the Republic.
An individual is tax resident in the Republic if he/she is present more than 183 days in a tax year in the Republic.
For the purpose of calculating the days of presence in the Republic: the day of departure from the Republic is considered
to be a day out of the Republic the day of arrival into the Republic is considered to be
a day in the Republic the arrival into the Republic and departure from the
Republic on the same day is considered to be a day in the Republic and the departure from the Republic and return to the
Republic on the same day is considered to be a day out of the Republic.
Personal income tax rates
Deloitte Cyprus tax facts 2015 The following are exempt from income tax: Exemption
Lump sum received as retiring gratuity, The whole
commutation of pension, death gratuity or as consolidated compensation for death or injury Lump sum repayment from life
insurance schemes or from approved Interest income
(Interest income arising in the ordinary course of business, including interestclosely connected with the carryingon of the business, is not considered asinterest income and is not exempt) Dividend income
Remuneration from any
employment exercised in the Republic by an individual who was resident outside the Republic before the commencement of the employment. The exemption applies for a period of three years from 1st January following the year of commencement of the employment Remuneration from any
employment exercised in the Republic by an individual who was resident outside the Republic before the commencement of his employment in the Republic.
The exemption applies for a period of 5 years starting from the first year of employment provided that the annual remuneration of the employeeexceeds €100.000 Deloitte Cyprus tax facts 2015 Gains from disposal of securities
including units in an open-ended or closed-ended collective investment scheme Remuneration from the rendering
of salaried services outside the Republic amount to a non-resident employer or to a permanent establishment outside the Republic of a resident employer for a total period in the year of assessment of more than 90 days Profits of a permanent establishment The whole
maintained outside the Republic (subject to certain conditions) Rent of preserved building
(subject to certain conditions) Deductions
All expenses incurred wholly and exclusively for the production of income are deductible from taxable income, including: Deduction
Interest relating to the acquisition
of fixed assets used in the business Expenses for letting of buildings
Interest in respect of the acquisition
of a building for rental purposes Subscriptions to trade unions or
professional bodies Expenditure for the maintenance of
buildings under preservation order €1.100 or €1.200 (subject to certain conditions) Donations to approved charitable
organisations (with receipts) Special contribution
on salaries and pensions (for details see page 47) Profits from the exploitation
and/or disposal of intellectual property rights (for details see page 14) Expenditure incurred for the
acquisition of shares in amountan innovative business Deloitte Cyprus tax facts 2015 Non-deductible expenses
The following expenses are not tax deductible: Expenses not incurred wholly
and exclusively for the production of taxable income Business entertainment expenses
€17.086 (whichever Private motor vehicle expenses
Professional tax
Immovable property tax
Interest payable or deemed to be
payable in relation to the acquisition of a private motor vehicle, irrespective of whether it is used in the business or not, or other asset not used in the business. This restriction is lifted after 7 years from the date of purchase of the relevant asset Interest expense incurred for the acquisition of shares in a wholly owned (direct or indirect) subsidiary will be deductible for income tax purposes provided that this subsidiary does not own (directly or indirectly) any assets which are not used in the business. If this subsidiary does own (directly or indirectly) assets that are not used in the business, the interest expense that corresponds to the percentage of assets not used in the business will not be deductible. This applies to shares acquired from 1 January 2012.
Expenditure which is not supported
by invoices and relevant receipts or other amount supporting documentation as required by the relevant Regulations Deloitte Cyprus tax facts 2015 Wages and salaries relating to services The whole
offered within the tax year on which contributions to the Social Insurance Fund, Redundancy Fund, Human Resource Development Fund, Social Cohesion Fund,Pension Fund and Provident Fund have not been paid in the year in which they were due, will not be tax deductible for the calculation of taxable income In case the above contributions (including any penalties and interest) are paid in full within 2 years following the due date, such wages and salaries will be tax deductible in the tax year in which they are paid Loans or other financial assistance provided to company
directors or individual shareholders

Any amount received as a loan or financial assistance by a company's director, or by a company's individual shareholder, or by his/her spouse, or by any relative up to a second degree is considered a monthly benefit equal to 9% p.a. calculated on the above amount. Such benefit, will be included in the individual's income subject to income tax.
The amount of tax on the monthly benefit should be withheld from the individual's monthly salary and paid to the Inland Revenue on a monthly basis under the PAYE system.
Annual wear and tear allowances
Annual wear and tear allowances available for companies (pages 15 and 16) are also available to individuals.
Tax losses carried forward Individuals who have an obligation to prepare audited financial statements (ie with turnover in excess of €70.000) will be able to carry forward tax losses incurred during a tax year over the next five years from the end of the tax year in which they were incurred, to be offset against taxable income. Where a person, including a partnership, converts his business into a limited liability company, any unrelieved losses can be transferred to the new company.
Deloitte Cyprus tax facts 2015 Loss of a permanent establishment outside the Republic Losses arising from a permanent establishment maintained outside the Republic can be offset against profits of the company arising in the Republic in the same year. However, any subsequent profits from such a permanent establishment up to the amount of losses utilized, are included in the taxable income.
The following are deductible from income: Social insurance contributions, contributions to
approved provident and pension funds, the General Health Plan, contributions to medical or other approved funds as well as life insurance premiums. The total amount of this allowance is limited to one-sixth of the taxable income as calculated before deducting this allowance. the annual life insurance premium is restricted to 7%
of the insured amount life insurance policies, in respect to the life of the
claimant's spouse, which were in existence up to the 31 December 2002 and for which the claimant was receiving a tax allowance, will continue to be deductible by the claimant in the event of cancellation of a life insurance contract
within 6 years from the date it was entered into, part of the life insurance premiums already given as an allowance will be taxable as follows: - cancellation within 3 years - cancellation between 4 to 6 years Tax credit for foreign tax paid
Any tax suffered abroad on income subject to income tax in Cyprus will be credited against any Cyprus income tax payable on such income irrespective of the existence of a tax treaty.
Deloitte Cyprus tax facts 2015 Companies
A company which is tax resident in the Republic, is taxed on income accruing or arising from sources both within and outside the Republic.
A company which is not a tax resident in the Republic, is taxed on income accruing or arising only from sources within the Republic.
A company is tax resident in the Republic if it is managed and controlled from the Republic.
Corporate income tax The following are exempt from corporate income tax: Interest income
Interest income arising in the ordinarycourse of business including interest closely connected with the carrying on of the business, and interest earned by open-ended or closed-ended collective investment schemes, is not considered interest incomeand is not exempt Dividend income
Gains from the disposal of securities The whole
including the redemption of units or other ownership interests in an open-ended or closed-ended collective investment scheme Profits from a permanent establishment The whole
maintained outside the Republic (subject to certain conditions) Rent of preserved building
(subject to certain conditions) Deloitte Cyprus tax facts 2015 All expenses incurred wholly and exclusively for the production of income are deductible from taxable income, Interest incurred for the acquisition
of a fixed asset used in the business Expenditure for the maintenance of
buildings under preservation order €1.100 or €1.200 (subject to certain conditions) Donations to approved charitable
organisations (with receipts) Profits from the exploitation and/or
disposal of intellectual property rights (for details see page 14) Employer's contributions to
approved funds on employees' salaries Special contribution on salaries
(for details see page 47) Expenditure incurred for the
acquisition of shares in amount an innovative business The following are not deductible from income: Business entertainment expenses
Private motor vehicle expenses
amount
Professional tax
amount
Immovable property tax
amount
Interest payable or deemed to be payable The whole
in relation to the acquisition of a private amount motor vehicle, irrespective of whether it is used in the business or not, or other asset not used in the business. This restriction is lifted after 7 years from thedate of acquisition of the relevant asset Deloitte Cyprus tax facts 2015 Interest expense incurred for the acquisition of shares in a wholly owned (direct or indirect) subsidiary will be deductible for income tax purposes provided that this subsidiary does not own (directly or indirectly) any assets which are not used in the business. If this subsidiary does own (directly or indirectly) assets that are not used in the business, the interest expense that corresponds to the percentage of assets not used in the business will not be deductible. This applies to shares acquired from 1 January 2012.
Expenditure which is not supported The whole by invoices and relevant receipts or other amount supporting documentation as required by the relevant Regulations Wages and salaries relating to services
offered within the tax year on which contributions to the Social Insurance Fund, Redundancy Fund, Human Resource Development Fund, Social Cohesion Fund,Pension Fund and Provident Fund have not been paid in the year in which they were due will not be tax deductible for the calculation of taxable income In case the above contributions (including any penalties and interest) are paid in full within two years following the due date, such wages and salaries will be tax deductible in the tax year in which they are paid.
Tax losses carried forward Companies will be able to carry forward tax losses incurred during a tax year over the next five years from the end of the tax year in which they were incurred, to be offset against taxable income.
Losses of the current year, can be surrendered by one Cyprus tax resident group company to another Cyprus tax resident group company. Group relief will be given, provided that both companies are members of the same group for the whole tax year.
Deloitte Cyprus tax facts 2015 Two companies are considered to be part of a group for group relief purposes if: one is a 75% subsidiary of the other, or both are 75% subsidiaries of a third company.
From 1 January 2012, where a company has been incorporated by its parent company during the tax year, this company will be deemed to be a member of this group for group relief purposes for that tax year.
Loss of a permanent establishment outside the Republic Losses arising from a permanent establishment outside the Republic can be offset against profits of the company arising in the Republic in the same year. However, any subsequent profits from such a permanent establishment up to the amount of losses utilised, are included in the taxable income.
Insurance companies losses of the life business can be offset against profits of the general business losses of the life business can be offset against profits from other sources Tax credit for foreign tax paid
Any tax suffered abroad on income subject to income tax in Cyprus will be credited against any Cyprus income tax payable on such income irrespective of the existence of a tax treaty.
Deloitte Cyprus tax facts 2015 Special Modes of Τaxation
Insurance companies of general and life business are taxable in the same way as all other companies. In the case where there is no tax payable or where the tax payable on the taxable income of the life business is less than 1.5% of the gross insurance premiums then the insurance company pays the difference as additional tax.
Pension income from services rendered abroad
The pension income of any individual resident in the Republic, which arises from services rendered abroad, is taxed at a rate of 5% for amounts exceeding €3.420 per annum.
The taxpayer has the right to choose to be taxed either under the special mode of taxation as stated above or at normal rates. If the latter is chosen the pension is added to the individual's other income.
The total amount of widow's pension received from the Social Insurance Fund and/or other approved pension funds is taxed at the rate of 20% on amounts exceeding €19.500.
Intellectual property rights etc
The gross income arising from intellectual property rights, other exploitation rights, compensations or other similar income arising from sources within the Republic, of a person who is not resident in the Republic, is subject to withholding tax at a rate of 10% (unless a tax treaty provides for a lower tax rate).
Royalties received by a connected company registered in a European Union Member State are exempt from tax (subject to conditions).
Rights granted for use outside the Republic are not subject to any withholding tax.
Deloitte Cyprus tax facts 2015 Film royalties etc
The gross income derived by a non-resident person in respect of royalties arising from film projection in the Republic is subject to withholding tax at a rate of 5% (unless a tax treaty provides for a lower tax rate). Royalties received by a connected company registered in a European Union Member State are exempt from tax (subject to conditions).
Profits of professionals, entertainers etc
The gross income derived by an individual not resident in the Republic from the exercise in the Republic of any profession or vocation, the remuneration of public entertainers not resident in the Republic, and the gross receipts of any theatrical or musical or other group of public entertainers, including football clubs and other athletic missions from abroad, derived from performances in the Republic is subject to a 10% withholding tax.
Interest and additional penalty of 5% for late payment
of tax withheld

Tax withheld on payments to non Cypriot residents should be paid to the Tax Department by the end of the following month. In case where the tax is not paid within the deadline, an additional penalty of 5% will be imposed on the tax withheld in addition to any interest that may be imposed.
Deloitte Cyprus tax facts 2015 Intellectual Property Rights
Expenditure incurred for the development or acquisition of intangible assets as defined in the Patent Rights Law, the Intellectual Property Law and the Trademarks Law is tax deductible.
The annual capital allowance deduction on such intangible assets is equal to 20% of the acquisition cost. The capital allowance is tax deductible over 5 years including the year of acquisition.
An 80% deemed deduction applies to the net profit from the exploitation or disposal of such intangible assets (including the compensation from irregular use of these intangible assets).
The net profit is calculated after deducting from the income or profit that is generated from the exploitation or disposal of such intangible assets, all direct expenses associated with the production of this income or profit.
Deloitte Cyprus tax facts 2015 ANNUAL WEAR AND TEAR ALLOWANCES
Annual wear and tear allowances are calculated as a percentage on the cost of acquisition of the asset and are decucted from the taxable income.
Plant and machinery
Fork lifts, excavators, loading vehicles,
bulldozers and oil barrels Motor vehicles of all types except for
private saloon cars Personal computers (hardware) and 20%
operating software Application software
- up to €1.709 - above €1.709 Plant and machinery used in agriculture 15%
Water drillings, industrial carpets, video 10%
recorders, televisions Any other plant and machinery
Plant and Machinery
(acquired during tax years 2012-2014) unless the capital assets is higher Furniture and fittings
Buildings
Metallic frame of greenhouses
Wooden frame of greenhouses
Industrial, agricultural and hotel buildings
Industrial and Hotel building
(acquired during tax years 2012-2014)
Commercial 3%
Ships
Steamships, tug-boats and ships
used in the fishing industry Sailings vessels
Ship launching machinery
Deloitte Cyprus tax facts 2015 Used ships
agreement
New commercial ships
New passenger ships
Used commercial and passenger
ships and capital additions accordance with the Tools
All tools in general
Videotapes used by video clubs
Specialized fixed assets
Armored Cars
(used by businesses which provide security services) Motor Yachts
Wind Generators 10%
(the cost should include the cost of installation reduced by any amount of subsidy received) Photovoltaic Systems
(the cost should include the cost ofinstallation reduced by any amount of subsidy received) New Airplanes
New Helicopters
Specialized machineries for rail roading
(e.g. Locomotive engines, Ballast wagon, container wagon and container sleeper wagon) Deloitte Cyprus tax facts 2015 SPECIAL CONTRIBUTION FOR DEFENCE
All residents of the Republic are subject to special defence contribution on the sources of income indicated below. Non residents are not subject to special defence contribution.
Dividends 17%Interest income Interest received by an individual from Government Savings CertificatesInterest received by an individual from Government BondsInterest earned by an approved provident fund Interest earned by the Social Insurance Fund Rental income less 25% Dividends
dividends received by a company resident in the
Republic from another company resident in the Republic, excluding dividends paid indirectly after the lapse of 4 years from the end of the year in which the profits which were distributed as dividends arose. dividends received directly or indirectly from dividends
on which defence contribution has already been paid.
dividends received by a company resident in the
Republic or a company not resident in the Republic which maintains a permanent establishment in the Republic from a company which is not resident in the Republic. This exemption does not apply if: (a) more than 50% of the activities of the non-resident dividend paying company lead to investment income; and (b) the foreign tax burden on the income of the dividend paying company is substantially lower than the tax burden of the Cyprus tax resident company or the non-resident company which has a permanent establishment in the Republic.
Deloitte Cyprus tax facts 2015 Interest that is received as a result of carrying on a business activity, including interest closely connected to the ordinary activities of the business, and interest earned by open-ended or closed-ended collective investment schemes, is not considered interest for defence contribution purposes.
A person whose total annual income, including interest, does not exceed €12.000 who receives interest which has been subject to defence contribution, has the right to a refund of the amount of defence contribution suffered in excess of 3%.
A company resident in the Republic is deemed to have distributed 70% of its profits after taxation* in the form of dividends at the end of the two years from the end of the tax year of which such profits relate to and special defence contribution is imposed to the extent that the ultimate direct/indirect shareholders of the company are Cyprus tax resident individuals.
The term «taxation» includes in addition to the corporate
tax:
the Special Defence Contribution
the Capital Gains tax and
any tax paid abroad that has not been credited against
income tax and/or special defence tax payable for the relevant year In calculating the profits after taxation for tax years 2012, 2013 and 2014 which are subject to deemed distribution, a deduction will be given for the acquisition cost of plant and machinery (excluding private saloon cars) that were acquired during the tax years 2012, 2013 and 2014.
A person who is a tax resident of Cyprus, who is deemed to receive dividends from a collective investment scheme, whose formation and operation is regulated by the Open-ended Collective Investments in Transferable Securities and Related Matters Law or any other law which regulates the formation and operation in the Republic of other collective investment schemes, is subject to defence contribution of 3% of the deemed dividend.
The amount of deemed dividend is reduced by the amount of actual dividend distributed during the year the profits relate to, or the following two years.
In cases where an actual dividend is paid after the deemed dividend distribution date, any deemed distribution reduces the actual dividend on which the defence contribution is withheld.
18 Deloitte Cyprus tax facts 2015 For the purpose of calculating the amount of the deemed distribution, «profits» mean the accounting profits arrived at using generally acceptable accounting principles, but after the deduction of any transfers to reserves as specified by any law. Any offset of group losses as well as any amounts, including any additional depreciation, which emanate or are the result of revaluation of movable and immovable property are ignored.
In the case of a person not resident in the Republic receiving dividends from a company which is resident in the Republic, emanating from profits which at any stage were subject to deemed distribution, the defence contribution paid as a result of the deemed distribution which is attributable to such person is refundable.
Disposal of assets to shareholders at less than market
value

In the case where a company disposes an asset to its Cyprus tax resident shareholder (individual) or to his or her relative of up to second degree or his or her spouse, without consideration or for consideration which is less than the market value of the asset disposed, it is deemed that the company has distributed dividends to its shareholder, equal to the difference between the market value of the asset and the amount of the consideration.
The above will not apply in case the asset was received by the company by way of a gift from its shareholder (individual) or from his or her relative of up to second degree or from his or her spouse.
The deemed distribution provisions do not apply to profits which relate directly or indirectly to non-resident shareholders.
The aggregate amount of profits in the last five years prior to the company dissolution, which have not been distributed or be deemed to be distributed, will be considered as distributed on dissolution and will be subject to defence contribution.
Companies that are under voluntary dissolution or liquidation are obliged to submit within one month from the date of the approval of the resolution, a deemed dividend declaration and pay any special defence contribution in relation to the profits of the specific tax year and the two preceding years.
The Commissioner has the right to issue an assessment for the purpose of collecting the special defence contribution in relation to the above.
Deloitte Cyprus tax facts 2015 The deemed dividend distribution provisions do not apply on any accounting profits arising during the dissolution or liquidation if the assets of the company are not sufficient for the repayment of its creditors and no amount is available to be distributed to its shareholders. Where assets are distributed to the company's shareholders upon the company's liquidation or dissolution, which have a market value that exceeds the cost of their acquisition by the company, the deemed distribution provisions will apply. The amount of the dividend that is deemed to be distributed to its shareholders will be equal to the difference between the market value of the assets and the cost of acquisition of the particular asset by the company. The deemed dividend distribution of profits that become realized upon the company's dissolution or liquidation may not exceed the amount of the net assets distributed to the shareholders. The dissolution of an open-ended or closed-ended collective investment scheme falls under the deemed distribution provisions but the undistributed profits will be subject to defence contribution of 3%.
These provisions do not apply in the case of dissolution under reorganisation, in accordance with certain prerequisites set out in Regulations or where the shareholders are not resident in the Republic.
Reduction of capital
In the case of a company's capital reduction, any amounts paid or due to shareholder individuals in excess of the amount of the share capital that was actually paid by the shareholder will be treated as a deemed dividend subject to special defence contribution (provided that the ultimate shareholders are Cyprus tax resident individuals). The buy back or redemption of units or other ownership interests in an opened-ended or closed-ended collective investment scheme is not considered a capital reduction and is not subject to defence contribution.
Tax credit for foreign tax paid
Any tax suffered abroad on income which is subject to defence contribution will be credited against any defence contribution payable on such income irrespective of the existence of a tax treaty.
Deloitte Cyprus tax facts 2015 PROFITS FROM SHIPPING ACTIVITIES
The following are exempt from taxation in accordance with the provisions of the Merchant Shipping (Fees and Taxing Provisions) Law and are subject to tonnage tax: The income of a qualifying ship-owner from the
operation of a qualifying Cyprus, community and/or foreign (under conditions) ship, in a qualifying shipping activity.
The income of a qualifying charterer from the
operation of a qualifying Cyprus, Community and/or foreign (under conditions) ship, in a qualifying shipping activity.
The income of a qualifying ship operator from the
provision of ship management services of the crew and/or technical administration services.
Dividends paid directly or indirectly from the profits
mentioned above.
Salaries or other benefits paid to the masters, officers
and the crew of a qualifying Cyprus ship in a qualifying shipping activity.
For the purpose of the above mentioned Law in the case of a Cyprus ship, the term «ship owner» includes also the bareboat chartered.
Deloitte Cyprus tax facts 2015 CAPITAL GAINS TAX
Capital Gains Tax is imposed at the rate of 20% on gains from the 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.
In computing the capital gain the value of the immovable property as at 1 January 1980 (or cost if the date of acquisition is later), the cost of any additions after 1 January 1980 or the date of acquisition if later, any expenditure incurred for the production of the gain and the indexation allowance, are deducted from the sale proceeds.
The following expenses are not considered expenses wholly and exclusively for the production of the gain and therefore are not deductible: a) Immovable Property Taxb) Immovable Property Feesc) Sewerage Council Fees The following disposals of immovable property are exempt from capital gains tax: transfer on death
gifts between spouses, parents and children and
relatives up to third degree gift to a company whose shareholders are members
of the donor's family and continue to be members of the family for a period of five years from the date of the gift gift by a family company to its shareholders, if the
company had also acquired the property in question via donation. However if the shareholder disposes the property within 3 years then the shareholder will not be entitled to the deductions listed below gifts to a charitable organisation or the Republic
exchange or disposal under the Agricultural Land
(Consolidation) Laws Deloitte Cyprus tax facts 2015 exchange provided the gain is used for the acquisition
of new property. The gain derived from the exchange reduces the cost of the new property and the tax is paid when the latter is disposed transfer of ownership or share transfers in the event
of company reorganisations transfer of property of a missing person under
transfer of ownership between spouses that their
marriage has been dissolved by a court order or in case of tranfer of ownership between the same persons for the purpose of settling their property according to the Settlement of Property Relationships between Spouses Law.
Individuals are entitled to deduct from the gains the following: Disposal of principal private residence (subject to conditions) Disposal of agricultural land by a farmer The above are lifetime deductions.
Administrative penalties amounting to €100 or €200 depending on the specific case, will be imposed for late submission of declarations or late submission of supporting documentation requested by the Commissioner. In the case of late payment of the tax due, an additional penalty at the rate of 5% will be imposed on the unpaid tax. Deloitte Cyprus tax facts 2015 IMMOVABLE PROPERTY TAX
Immovable property tax is imposed on an annual basis, on the market value as at 1 January 1980, of the immovable property situated in the Republic owned (as well as property for which a contract has been submitted to the Land Registry but for which no title has yet been issued) by each person as at 1 January of each year.
(as at 1 January 1980) € 40.001 - 120.000 120.001 - 170.000 170.001 - 300.000 300.001 - 500.000 500.001 - 800.000 800.001 - 3.000.000 3.000.001 and over * Property owners with total property value not exceeding €12.500 (using values of 1 January 1980) are exempt from immovable property tax.
The following properties are exempt from immovable
property tax:
public cemeteries
public hospitals
schools
immovable property owned by the Republic, foreign
embassies and consulates buildings under a preservation order subject to
buildings of charitable organisations
agricultural land used for agriculture or animal
husbandry by a farmer immovable property situated in inaccessible or
property of a missing person under administration
Turkish-Cypriot property in the unoccupied area of
the Republic leased from the Government Trustee by a refugee for private accommodation Deloitte Cyprus tax facts 2015 ESTATE DUTY
Estate duty is not levied in relation to individuals who have died on or after 1 January 2000.
The Deceased Persons Estate (Taxation Regulations) Law of 2000 provides for a compulsory submission of an «assets and liabilities» statement of the deceased person to the Commissioner of Income Tax within six months from the date of death.
Deloitte Cyprus tax facts 2015 MAINTENANCE OF ACCOUNTING BOOKS AND RECORDS
Every person (individual, company or partnership)
deriving income from: any profits or other benefits from any business, or dividends, interest or discounts or iii any profits or other benefits from any office or employment, intellectual property rights, patent rights, remuneration or other profits arising from ownership or iv any amount or consideration in respect of any trade is obliged for every tax year to: a. issue receipts and invoices in relation to transactions and receipts, as specified by Regulations issued by the Council of Ministers and published in the Cyprus Gazette.
Invoices should be issued within 30 days from the date of the transaction unless a written approval has been obtained by the Commissioner for the purpose of issuing the invoices at a later date. In case where invoices are not issued within the prescribed deadline, a penalty of €100 per month will be imposed, starting from 1.1.2012.
maintain accounting books and records and prepare financial statements in accordance with acceptable accounting standards, that are audited in accordance with acceptable auditing standards, by a person that is eligible to act as an auditor of a company in accordance with the Companies Law.
A person is obliged to update books and records
within four months from the date of the transactions.
In the case where books and records are not updated
within the prescribed deadline, a penalty of €100 per quarter will be imposed, starting from 1.1.2012.
An individual is exempt from the obligation to maintain
accounting books and records where the annual turnover does not exceed the amount of €70.000.
Books and records should be kept for a period of at
least six years.
In case a business maintains stocks, a stock take
should be carried out during the year end and the results of the stock take should be made available to the Commissioner, in case requested. Deloitte Cyprus tax facts 2015 TAX TREATIES
Income received in Cyprus
The following table and accompanying notes list the maximum
withholding tax rates that may be deducted from income received by
a Cyprus tax resident from a resident of a country that has signed a
tax treaty with Cyprus.
Received in Cyprus
Paid from
Dividends
Interest
Kyrgyzstan (27) 0 Montenegro (28) 10 Slovakia (29) 10 Switzerland (31) 0 Tajikistan (27) 0 United Arab Emirates Uzbekistan (27) 0 Deloitte Cyprus tax facts 2015 Payments from Cyprus
Payments of dividends and interest by Cyprus tax residents to non Cyprus
tax residents are exempt from withholding tax in Cyprus according to the
Cyprus Legislation. Royalties granted for use outside of Cyprus are also free of
withholding tax in Cyprus.
The following table and accompanying notes list the maximum withholding tax rates that may be deducted from payments made by a Cyprus tax resident to a resident of a country that has signed a tax treaty with Cyprus.
Paid from Cyprus
Dividends
Interest
Non-treaty countries Lithuania 0 (40) Montenegro (28) 10 Slovakia (29) 10 Switzerland (31) 0 (38) Tajikistan (27) 0 United Arab Emirates Deloitte Cyprus tax facts 2015 10% in the case of royalties granted for use within the Republic. 5% on film and TV rights.
(1) 15% if received by a company controlling less than 25% of the voting power.
(2) This rate if received by a company controlling more than or equal to 10% of the capital. 15% in all other cases.
(3) NIL if the beneficial owner is a company (other than a partnership) which holds directly at least 10% of the capital of the company paying the dividend. 15% in all other cases.
(4) This rate if the amount invested by the beneficial owner is over €200.000 irrespective of the % of voting power acquired. 10% is imposed if received by a holder of at least 25% of the share capital of the paying company. Otherwise the rate is 15%.
(5) 5% if received by a company controlling at least 10% of the voting power. 15% in all other cases.
(6) 10% if received by company, which has invested less than (7) NIL if paid to the Government or for export guarantee.
(8) NIL if paid to the Government of the other State or to a financial (9) NIL if paid to the Government of the other State or in connection with the sale on credit of any industrial, commercial or scientific equipment or any merchandise by one enterprise to another or in relation to any form of loan granted by a bank or is guaranteed from government or other governmental organisation.
(10) NIL if paid to the Government of the other State, to a bank or a financial institution or in respect to debt obligations arising in connection with sale of property or the provision of services.
(11) NIL on literary, dramatic, musical or artistic work with the exception of films used for television programs.
(12) 5% on film royalties (except films shown on TV).
(13) 10% on literary, musical, artistic work, films and TV royalties.
(14) NIL on literary, artistic or scientific work including films.
(15) Treaty rate restricted to Cyprus legislation rate of 10%. 10% also applies to payment of technical fees, management fees and consultancy fees.
(16) NIL if paid to the Government of the other State, a political subdivision or a local authority, the National Bank or any institution the capital of which is wholly owned by the State or a political subdivision or a local authority or in the form of interest income from bank deposits.
(17) 10% on interest received by financial institutions, on interest paid in connection with industrial, commercial, scientific equipment or the sale or merchandise between two companies.
Deloitte Cyprus tax facts 2015 (18) 10% on right to use industrial, commercial or scientific equipment or for information concerning industrial, commercial or scientific experience and 15% for patents, trademarks, designs, models, plans, secret formulas or processes.
(19) 5% is applicable if the dividend is received by a company owning directly at least 25% of the capital. In all other cases the withholding tax is 10%.
(20) This rate does not apply, where 25% or more of the capital of the Cypriot resident is owned directly or indirectly by the Bulgarian resident paying the royalties and the Cyprus company pays less than the normal rate of tax.
(21) 5% is applicable if the dividend is received by a company owning at least 20% of the capital of the dividend paying company or has invested in the acquisition of shares or other rights of the dividend paying company of at least €100.000. 15% in all other cases.
(22) The treaty provides that the tax on the gross amount of the dividends shall not exceed that chargeable on the profits out of which the dividends are paid.
(23) 7% if paid to a bank or similar financial institution. NIL if paid to the government.
(24) The treaty provides for 15% withholding tax but the local taxation provides for 0% withholding tax.
(25) NIL if paid to or is guaranteed by the Government, statutory body, the Central Bank.
(26) 5% on film royalties, including films used for television (27) The treaty between the Republic of Cyprus and the United Soviet Socialist Republic still applies. (28) The treaty between the Republic of Cyprus and the Socialist Federal Republic of Yugoslavia still applies.
(29) The treaty between the Republic of Cyprus and the Czechoslovak Socialist Republic still applies.
(30) NIL if the beneficial owner is a company (other than a partnership) which holds directly at least 10% of the capital of the company paying the dividends where such holding is being possessed for an uninterrupted period of not less than one year. 5% in all other cases.
(31) The treaty has been published in the Gazette but has not come into force until the time of publication of this booklet.
(32) 5% if the beneficial owner has invested in the capital of the company less than the equivalent of €150.000 at the time of the investment.
(33) NIL if paid to the Government or to a local authority, or to the Central Bank.
Deloitte Cyprus tax facts 2015 (34) NIL if the beneficial owner is a company (other than a partnership) which holds directly at least 10% of the capital of the company paying the dividends, where such holding is being possessed for an uninterrupted period of no less than 12 months.
NIL if the beneficial owner is the other Contracting State or the Central Bank of that other State, or any national agency or any other agency (including a financial institution) owned or controlled by the Government of that other State.
NIL if the beneficial owner is a pension fund or other similar institution providing pension schemes in which individuals may participate in order to secure retirement benefits, where such pension fund or other similar institution is established, recognized for tax purposes and controlled in accordance with the laws of that other State. 15% in all other cases.
(35) NIL if the dividend is received by a company (other than a partnership) holding at least 10% of the capital of the dividend paying company. 5% in all other cases.
(36) NIL if the beneficial owner is a company (other than a partnership) which holds directly at least 10% of the capital of the company paying the dividends, where such holding is being possessed for an uninterrupted period of no less than 24 months. 5% in all other cases.
(37) 5% if the dividend is received by a company (other than a partnership) which controls directly at least 10% of the voting power in the company paying the dividends. 15% in all other cases.
(38) NIL if the beneficial owner is: (i) a company (other than a partnership) the capital of which is wholly or partly divided into shares and which holds directly at least 10% of the capital of the company paying the dividend for an uninterrupted period of at least one year. (ii) a pension fund or other similar institution recognised as such for tax purposes, or (iii) the Government, a political subdivision, local authority or central bank of one of the two contracting states. 15% in all other cases.
(39) 5% if the beneficial owner is a company (other than a partnership) which holds directly at least 10% of the capital of the company paying the dividends. 10% in all other cases. (40) NIL if the beneficial owner is a company (other than a partnership) which holds directly at leat 10% on the capital of the company paying the dividends. 5% in all other cases.
Deloitte Cyprus tax facts 2015 TAX DIARY
Payment of PAYE deducted from employees' salaries for the previous month Payment of tax withheld on payments made to non tax residents during the previous month Payment of special defence contribution withheld on dividends, interest or rent* paid in the previous month to Cyprus tax residents *Where the tenant is a Cyprus company, partnership, the Goverment or any local authority there is an obligation to withhold special defence contribution on the amount of the rent paid Submission of the deemed dividend distribution declaration (IR 623) for the tax year 2012 Electronic submission of the 2013 income tax return (IR1/IR4) for individuals and companies preparing audited financial statements Submission of return and payment of the first instalment of the special tax levy by Credit Institutions for 2015 Submission of the 2014 personal tax returns (IR1) by salaried individuals whose gross income exceeds €19.500 for the tax year 2014 Payment of the first instalment of the premium tax for insurance companies (life business) for the first quarter of 2015 Submission of the 2014 personal tax return (IR1) by individuals who do not prepare audited financial statements if their gross income exceeds €19.500 Payment of tax balance for 2014 through self assessment by individuals (excluding those individuals who prepare audited financial statements) Deloitte Cyprus tax facts 2015 Payment of special contribution for defence on rents, dividends or interest from sources outside Cyprus for the first 6 months of 2015 Payment of the second instalment of the special tax levy by Credit Institutions for 2015 Electronic submission of the 2014 personal tax return (IR1) by salaried individuals whose gross income exceeds €19.500 Electronic submission of the 2014 employers' return (IR7) and employees' details Submission of the 2015 provisional tax return and payment of the first instalment Payment of the 2014 tax balance through self assessment by individuals and companies preparing audited financial statements Payment of the second instalment of the premium tax for insurance companies (life business) for the second quarter of 2015 Electronic submission of the 2014 personal tax return (IR1) by individuals who do not prepare audited financial statements if their gross income exceeds €19.500 Payment of immovable property tax for 2015 Payment of the third instalment of the special tax levy by Credit Institutions for 2015 Payment of the second instalment of the 2015 provisional tax Payment of special contribution for defence on rents, dividends or interest from sources outside Cyprus for the last 6 months of 2015 Payment of the third instalmet of the premium tax by insurance companies (life business) for the last quarter of 2015 Deloitte Cyprus tax facts 2015 Payment of the fourth instalment of the special tax levy by Credit Institutions for 2015 Electronic submission of tax returns
Individuals and companies, that prepare audited financial statements or persons that their tax return is submitted by a professional accountant, may be obliged to submit their tax return electronically in accordance with such means that may be approved by the Commissioner of Income Tax. Administrative penalties amounting to €100 or €200 depending on the specific case, will be imposed for late submission of declarations or late submission of supporting documentation requested by the Commissioner. In the case of late payment of the tax due, an additional penalty at the rate of 5% will be imposed on the unpaid tax. The rate of interest for late payment of tax is set by the Minister of Finance through a decree and it is applicable for the whole year. The rate for 2015 is 4%.
The applicable interest rate for the previous years is as follows: Up to 31/12/2006 1/1/2007 - 31/12/2009 1/1/2010 - 31/12/2010 1/1/2011 - 31/12/2012 1/1/2013 - 31/12/2013 1/1/2014 - 31/12/2014 Deloitte Cyprus tax facts 2015 VALUE ADDED TAX
Imposition of tax
Value Added Tax is imposed on the supply of all goods and services in Cyprus, on the acquisition of goods from other Member States and on the importation of goods from third countries.
Standard rateThe standard rate applies to the supplies of all goods and services in Cyprus which are not subject to the zero rate, the reduced rate or are not exempt.
Reduced rate
The reduced rate of 9% applies to:

All restaurant and catering services (including the supply of alcoholic drinks, beer, wine and soft drink) Accomodation in hotels, tourist lodgements and any other similar lodgements including the provision of holiday lodgements Transportation of passengers and their accompanying luggage within the Republic using urban, intercity and rural taxis and tourist and intercity buses Movement of passengers in inland waters and their accompanying luggage.
Reduced rate 5%
The reduced rate of 5% applies to:

The supply of foodstuff The supply of prepared or unprepared foodstuff and/or beverages (excluding alchoholic drinks, beer, wine and softdrinks) or both, irrespective of whether the goods are delivered from the supplier to the customer or taken away by the customer The supply of pharmaceutical products and vaccines that are used for health care, prevention of illnesses and as treatment for medical or veterinary purposes The supply of animals used for the preparation of food Books, newspapers and magazines Entry fees to theaters, circus, festivals, luna parks, concerts, museums etc Entry fees at sports events and fees for using athletic centres Deloitte Cyprus tax facts 2015 Hairdressing services Renovation and repair of private households after three years of first residence Supply of catering services from school canteens Acquisition or construction of residence (subject to conditions) Zero rate
The zero rate applies to:

The exportation of goods Supply, modification, repair, maintenance, chartering and hiring of sea-going vessels, which are used for navigation on the high seas and carrying passengers for reward or used for the purpose of commercial, industrial or other activities Supply, modification, repair, maintenance, chartering and hiring of aircfrafts, used by airlines operating for reward mainly on international routes Supply of services to meet the direct needs of sea going vessels and aircrafts Transportation of passengers from the Republic to a place outside the Republic and vice versa using a seagoing vessel or aircraft Supplies of gold to the Central Bank of the Republic etc.
Exemptions
Exempt supplies include:

Rental of immovable property Financial services (with some exceptions) Hospital and medical caring services Insurance services Disposal of immovable property where the application for building permission has been submitted prior to 1 May 2004 Educational services at all levels of education under certain conditions.
Who is obliged to register
Every individual or company is obliged to register if:(a) at the end of any month, the value of taxable supplies recorded in the last 12 months exceeds €15.600 or (b) at any point in time the value of taxable supplies are expected to exceed €15.600 in the next 30 days (c) provides services to a VAT registered person within European Union with nil registration threshold (d) is involved in the acquisition of goods from other EU member states (relates to persons who offer exempt supplies of goods and services or are non profitable organisations) with registration threshold of €10.250 Deloitte Cyprus tax facts 2015 (e) offers zero rated supplies of goods or services(f) acquires a company on a going concern basis.
(g) a taxable person from abroad makes distance sales with registration threshold of €35.000 Right for registration
Persons who trade, outside the Republic, in goods or services which would have been taxable if they were provided within the Republic, Groups of companies and Divisions of Companies.
VAT returns and payment / refund of VAT
Any registered person has to submit to the Commissioner a VAT return not later than the 10th day following the end of the month following the end of each VAT period and pay the VAT due.
As from 19 February 2013 every taxable person who makes a claim for VAT refund will be entitled to repayment of the VAT amount with interest, in the event that the repayment is delayed for a period exceeding four months from the date of the submission of the claim. In case a VAT audit regarding the claim is conducted by the Commissioner, the time period of four months is extended to eight months.
Administration of intra-community trading and intra-
community services

Businesses that undertake intra-community trading, i.e. acquisitions and sales of goods and supply of services from/to EU member states need to complete the following forms: Intra-Community Acquisitions1. Intrastat - Arrivals of Goods2. Inclusion in the VAT return (on a total basis) Intra-Community Supplies1. Intrastat - Departures of goods2. Recapitulative statement for supplies of goods and services 3. Inclusion in the VAT return on a total basis When and how are they submitted
INTRASTAT forms are submitted to the Tax authorities within Deloitte Cyprus tax facts 2015 10 days from the end of the related month, in electronic form only provided that the supplies of a taxable person exceed the registration threshold for intrastat purposes. The Recapitulative statement, is submitted to the Tax authorities within 15 days from the end of the related month in electronic form only.
Penalties and interest
Late registration €85 for every month of delay Late submission of return €51 for each return Late payment of VAT 10% of amount due Late de-registration Late submission of Intrastat form €15 for each return Late submission of €50 for each statement Recapitulative statement (VIES return) for supplies Imposition of the reduced rate of 5% on the acquisition
and/or construction of residences for use as the primary and
permanent place of residence
As from 8 June 2012 the reduced rate of 5% applies to the
acquisition and/or construction of residences to be used by
eligible persons (residents of the Republic or/and other EU
member states or other non EU member states) as the primary
and permanent place of residence, only after obtaining a certified
confirmation from the Commissioner.
The statutory declaration may be filed at any stage at the time of construction of the residence or in case of supply prior to the eligible person obtaining possession.
The reduced rate of 5% applies for the first 200 square meters. In case of families with more than 3 children the allowable total covered area increased respectively.
Deloitte Cyprus tax facts 2015 SOCIAL CONTRIBUTIONS
Contributions
Contributions are calculated on the employee's gross monthly
emoluments.
Employer Employee employed
Social Insurance Industrial Training Social Cohesion Fund Upper limits of emoluments for employees
The above rates (excluding the rate applicable to contributions
to the Social Cohesion Fund) are applied on emoluments subject
to the following limits.
per month
per annum
Weekly employees Monthly employees Contributions of self-employed individuals
The amount of the contributions of self-employed individuals is
subject to a lower and an upper limit (set on an annual basis)
depending on the occupation of the self-employed individual:
Occupational Category
Lower Weekly Upper Weekly
1. Medical Doctors, Pharmacists, Health a. persons with up to 10 years practice b. persons with more than 10 years practice Lawyers and other a. persons with up to 10 years practice b.persons with more than 10 years practice 3. Managers (Businessmen), Estate Agents, Wholesalers 4. Teaching Professionals (University, Secondary education, Primary and pre-primary Deloitte Cyprus tax facts 2015 education, Teaching Associates, Special education teaching a. persons with up to 10 years practice b. persons with more than 10 years practice 5. Builders and related occupations 6. Farmers, Dairy and Livestock producers, Poultry producers, Fishermen and related 7. Drivers, Excavator operators and related occupations 8. Technicians, Mass Media Associates, (not related to building occupations) and Metal, Rubber, Plastic, Wood and related product 9. Clerks, Typists, Cashiers, 10. Artisans not falling under any other occupational category 12. Butchers, Bakers, Pastry-cooks, Meat, Milk, Fruit, Tobacco product makers/ 13. Street vendors, Mail carriers, Garbage collectors, Miners and quarry workers, Deck, Riggers and cable splicers, Sweepers, Service providers Deloitte Cyprus tax facts 2015 14. Cleaners, Messengers, Watchpersons, 15. Draughtspersons, Computer operators, Ships' engineers, Agents and related occupations Musicians, Magicians 16. Persons not falling, occupational category Deadline for payment of the contributions by the
employers

The contributions that the employer is obliged to pay in accordance with the Law, should be paid not later than the end of the calendar month following the month that the contributions relate.
Deadline for payment of contributions of self employed
Months that the contributions relate to Date
January - March
10th day following the end of the month following the end July - September October - December
Additional fee for late payment of contributions
Every employer or a self employed who fails to pay the contributions within the time limit determined in the relevant regulations, is obliged to pay an additional fee in the range of 3% and 27% depending on the period of delay, on the amount of contributions due for payment.
Deloitte Cyprus tax facts 2015 TRANSFER FEES FOR IMMOVABLE PROPERTY
These fees are paid by the acquirer to the Department of Land and Surveys on transfers of immovable property and are calculated on the market value of the property as estimated by the Land Registry department.
85.000 - 170.000 170.000 and over Transfer fees paid on the transfer of property to a family company are refunded in five years provided the company still owns the property and there have not been any changes to its shareholders.
On the transfer of immovable property from a family company to its shareholders as well as on transfers by donation between spouses, spouses and children or relatives up to third degree of kindred, transfer fees are calculated on the value of the property as at 1 January 1980 at the following rates: Transfer to spouse Transfer to children Transfer to relative (up to third degree) In the case of a company re-organisation, transfers of immovable property by a company to another company are exempt from transfer fees.
Transfer fees for the period 2/12/2011 - 31/12/2016
For the above period the following apply: 1 Exemption from transfer fees if the transfer relates to a transaction that is subject to VAT In case the transfer relates to a transaction not subject to VAT, the legislation provides for an exemption of 50% of the transfer fees. This applies to transactions where: transfer fees apply or are due; and
the transfer relates to plots of land, buildings or
interests in land or indivisible interests that are sold Deloitte Cyprus tax facts 2015 for the first time from the date of issue of the relevant building permit; and the relevant contract is prepared and submitted for the
first time to the local District Land Registry during the period of application of the law.
The transfer of a loan to another financial institution is subject to a levy of the lower of 1% of the new mortgage or €200.
Renewal of the loan at the same financial institution is subject to a levy of €50.
In the case of a company reorganisation, no fees are imposed on the transfer of mortgage by a company to another company.
Deloitte Cyprus tax facts 2015 STAMP DUTY
Documents relating to property situated in the Republic or to any matters or issues executed or performed in the Republic are subject to stamp duty.
Type of document
/ Rate of stamp duty
Letters of guarantee
Letter of credit
Receipts for amounts over €4
Customs documents
Bills of lading
Bills of exchange
(payable at sight on first demandor within 3 days from demand or sight) Charterhire document
General power of attorney
Special power of attorney
Certified copies of contracts and documents
Estate administration document
Contracts with a specified consideration
- For amounts up to €5.000 - For amounts between €5.001 - €170.000 - For amounts over €170.001 Contracts without a specified consideration €35 Issue of tax residency certificate by €80
Inland Revenue Department Transactions that take place in relation to a company reorganisation are exempt from stamp duty.
Deloitte Cyprus tax facts 2015 COMPANIES REGISTRAR RIGHTS AND FEES
Registration of a limited company by shares or guarantee, with share capital Registration of a company without share capital Registration of an increase in the company's share capital amount of increase Registration of issue of shares
where the value of the sharesissued is payable in cash or in kind Change of name of company
Reduction of capital
Application for registration
of a general or a limitedpartnership Application for registration
of a business name Filing with the Registrar
of the following document:Annual Report Annual Report which is overdue Notification of a registered
mortgage on immovable property in the Republicof Cyprus irrespectiveof the sum of money Registration of a charge apart from a mortgage on immovable property within the Republic of Cyprus:- On the form of notification - On the charge document securing maximum amount: - For a sum of money up to €17.086 - For a sum of money exceeding €17.086 but not over €34.172 Deloitte Cyprus tax facts 2015 - For a sum of money exceeding €34.172 but not over €85.430 - For a sum of money exceeding €85.430 but not over €170.860 - For a sum of money over €170.860 where no amount is mentioned Payment of company annual levy
All companies registered in the Cyprus company register must pay an annual levy of €350. In the case of group companies the total amount payable is capped at €20.000.
The annual levy is payable from the year of incorporation.
The annual levy is payable to the Registrar of Companies by 30 June of each year. Late payment of the levy will give rise to the following penalties: in case of up to a 2 month delay - a 10% penalty; in case of a delay between 2 and 5 months - a 30% penalty.
Non-payment of the levy may result in deregistration (strike-off) of a company by the Cyprus Registrar of Companies (which will not allow the company to submit documents or request certificates from the Registrar of Companies).
If a company is re-instated within a two year period from its strike-off a fixed penalty of €500 (in addition to the outstanding amount of the levy) is imposed. The fixed fee will be increased to €750 where a company is re-instated after the two year period.
Deloitte Cyprus tax facts 2015 SPECIAL CONTRIBUTIONS FOR THE EMPLOYEES,
SELF-EMPLOYED INDIVIDUALS AND
PENSIONERS OF THE PRIVATE SECTOR

Each employee, self-employed, or pensioner of the private sector, shall pay a special contribution to the Republic in order to strengthen public finances. The special contribution is calculated as a percentage on the gross monthly earnings with no restriction or maximum limit on the amount of the levy. The relevant bands and applicable rates from 1 January 2014 up to 31 December 2016 are as shown in the table below.
Gross monthly earnings €
Special Contribution %
2,5 (with a minimum amount of special contribution of €10) In the case of private sector employees, self-employed and pensioners special contributions relate to income derived in Cyprus.
For employees of the private sector, the following are exempt from the Amounts paid by provident funds Remuneration of a foreigner who is employed by a foreign government or by an international organization Remuneration of foreign diplomats and consular representatives who are not citizens of the Republic Remuneration of Cypriot ship's crew Allowances paid to employees covering business expenses on behalf Employees or pensioners, who pay the Special Contribution under the Officers, Employees and Pensioners of the State and Public Sector Law on their salaries or pensions, are exempt from the above payment.
In the case of an employee of the private sector, the payment of the special contribution is shared equally by the employer and the employee, (i.e. 50% of the special contribution is paid by the employee and 50% is paid by the The special contribution paid is deductible from the taxable income of the employee/employer that it relates to.
Imposition and payment of the special contribution
a) In the case of an employee of the private sector and / or pensioner of the private sector the amount of special contribution will be withheld from the wage or pension and will be paid on a monthly basis.
b) In the case of a self-employed, the amount of special contribution will be declared on a form approved by the Commissioner and paid in two installments following the same procedure and dates provided for the provisional income tax (i.e. July 31 and December 31).
Deloitte Cyprus tax facts 2015 THE DELOITTE TAX MANAGEMENT TEAM
Partners and Members of the Board of Directors
Pieris M. Markou
- pmarkou@deloitte.com (Head of Tax & Legal Services)Christos Papamarkides - cpapamarkides@deloitte.com(Head of VAT Services) Agis Agathocleous Chairman Emeritus
Michael Christoforou
(Member of the Board of Directors)
Management
Costas Charalambous
Chrystalla Michael
Harris Kleanthous
Marios Fokides
Milto Phanti
Kyriacos Ioannou
Mary Poufou
Anna Efstathiou
Elli Iosif
Savvas Georgiou
Olga Gaponova
Michael Aris Michaelides
Stelios Loizou
Phani Philippou
Partners and Members of the Board of Directors
Antonis Taliotis
- ataliotis@deloitte.com Alecos Papalexandrou - apapalexandrou@deloitte.com Management
Christakis Economou
Alexia Konnari
Marios Stouppas
Nicolas Papapanayiotou
Stella Koustai
Yiannakis Frangous
Ekaterina Anchugova
Partner and Member of the Board of Directors
Panayiota Vayianou
- pvayianou@deloitte.com Deloitte Cyprus tax facts 2015 DELOITTE PARTNERS & BOARD MEMBERS
Partners and Members of the Board of Directors
Christis M. Christoforou (Chief Executive Officer)Eleftherios N. PhilippouNicos S. KyriakidesNicos D. PapakyriacouAthos ChrysanthouCostas GeorghadjisAntonis TaliotisPanos PapadopoulosPieris M. MarkouNicos CharalambousNicos SpanoudisMaria PaschalisAlexis AgathocleousAlkis ChistodoulidesChristakis IoannouPanicos PapamichaelChristos PapamarkidesGeorge MartidesKerry WhyteAndreas GeorgiouChristos NeocleousDemetris PapapericleousAndreas AndreouAlecos PapalexandrouGeorge PantelidesPanayiota VayianouAgis Agathocleous Michael Christoforou(Member of the Board of Directors) Deloitte Cyprus tax facts 2015


OUR OFFICES & YOUR CONTACTS IN CYPRUS
Christis M. ChristoforouChief Executive Officer and Managing PartnerEmail: cchristoforou@deloitte.com Nicos D. PapakyriacouPartner - In Charge of the Nicosia officeEmail: npapakyriacou@deloitte.com 24 Spyrou Kyprianou AvenueCY-1075 Nicosia, CyprusP.O.Box 21675CY-1512 Nicosia, CyprusTelephone: + 357 22360300Facsimile: + 357 22360400Email: infonicosia@deloitte.com Nicos S. KyriakidesPartner - In Charge of the Limassol officeEmail: nkyriakides@deloitte.com Maximos Plaza, Tower 1, 3rd Floor 213, Arch. Makarios III Avenue CY-3030 Limassol, Cyprus P.O.Box 58466 CY-3734 Limassol, Cyprus Telephone: +357 25 868686 Facsimile: +357 25 868600 Email: infolimassol@deloitte.com Nicos SpanoudisPartner - In Charge of the Larnaca officeEmail: nspanoudis@deloitte.com Patroclos Tower, 4th floor 41-43, Spyrou Kyprianou Avenue CY-6051 Larnaca, Cyprus P.O.Box 40772 CY-6307 Larnaca, Cyprus Telephone: +357 24 819494 Facsimile: Deloitte Cyprus tax facts 2015


About DeloitteDeloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member fi rms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member fi rms.
Deloitte Limited is the Cyprus member fi rm of DTTL. Deloitte Cyprus is among the nation's leading professional services fi rms, providing audit, tax, consulting and fi nancial advisory services through over 550 people in Nicosia, Limassol and Larnaca. Deloitte has the broadest and deepest range of skills of any business advisory organisation, and we have a straightforward goal: to be recognised as the pre-eminent and most trusted professional services fi rm, famous for the calibre of our people and respected for the exceptional quality of our work. For more information, please visit the Cyprus fi rm's website at www.deloitte.com/cy.
2015 Deloitte Limited

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ijmedph.org

A comparative review of the list of essential medicines of three Indian states: Findings Introduction: Essential medicines lists are a key instrument for improving quality and equitable access to health care. The National List of Essential Medicines of India 2011 is modeled on the WHO Essential Medicines List and Indian states

www2.cs.uregina.ca

Replacing limit learners with equally powerful one-shot query learners Steffen Lange1 and Sandra Zilles2 1 Fachhochschule Darmstadt, FB Informatik, Haardtring 100, 64295 Darmstadt, Germany, 2 Technische Universit¨at Kaiserslautern, FB Informatik, Postfach 3049, 67653 Kaiserslautern, Germany, Abstract. Different formal learning models address different aspectsof human learning. Below we compare Gold-style learning —interpretinglearning as a limiting process in which the learner may change its mindarbitrarily often before converging to a correct hypothesis—to learningvia queries—interpreting learning as a one-shot process in which thelearner is required to identify the target concept with just one hypothesis.Although these two approaches seem rather unrelated at first glance,we provide characterizations of different models of Gold-style learning(learning in the limit, conservative inference, and behaviourally correctlearning) in terms of query learning. Thus we describe the circumstanceswhich are necessary to replace limit learners by equally powerful one-shot learners. Our results are valid in the general context of learningindexable classes of recursive languages.In order to achieve the learning capability of Gold-style learners, thecrucial parameters of the query learning model are the type of queries(membership, restricted superset, or restricted disjointness queries) andthe underlying hypothesis space (uniformly recursive, uniformly r. e., oruniformly 2-r. e. families). The characterizations of Gold-style languagelearning are formulated in dependence of these parameters.