• About Us
  • Our Services
  • Subscribe
  • Advertise
  • FAQ
  • Contact Us
Login | My Posts
Accountants in Cyprus
  • Publications
  • About Cyprus
    • Cyprus History
    • Cyprus Company Registration
    • Cyprus Tax
    • Cyprus VAT
    • Cyprus Accountants
    • Cyprus Economy
  • Find Accountants
  • Contact Us
No Result
View All Result
  • Publications
  • About Cyprus
    • Cyprus History
    • Cyprus Company Registration
    • Cyprus Tax
    • Cyprus VAT
    • Cyprus Accountants
    • Cyprus Economy
  • Find Accountants
  • Contact Us
No Result
View All Result
Accountants in Cyprus
No Result
View All Result
Home Publications News & Announcements

Mandatory income tax filing and electronic payments for all companies

October 31, 2019
in News & Announcements
Reading Time: 2 mins read

By: P. Constantinou & Co Ltd

The Cypriot Council of Ministers recently adopted an amending bill that hopes to boost the state’s tax-collecting capacity through the mandatory filing of income tax return for everybody, and has also approved the obligation of companies to accept electronic payments.

The first important aspect of the proposed bill concerns the compulsory filing of a tax return by everyone who has income, and not only by those who have income above € 19,500 per year, which is the tax-free threshold in Cyprus. It is also aligning the non-payment of income tax with the non-payment of VAT. Non-payment of VAT is a criminal offense, and with the new amendments, the failure to pay a confirmed income tax will also be a criminal offense.

The second important aspect of the bill concerns the obligation by almost all businesses, that is, those that offer services and products, to accept electronic payments by credit or debit card. It is specified that the consumer will not be required to pay by card, but if he wishes, it will be the business’s obligation to accept electronic payments. This measure is believed to encourage electronic payments, strengthen tax control and increase State income.

Our firm, P. Constantinou & Co Ltd, will monitor these new developments and inform our clients and associates in the near future regarding how these new obligations will affect their tax payments and business.

Tags: Cyprus tax
ShareTweetShare
Previous Post

Infocredit Group Announces Sponsorship of The Cyprus Forex Summit

Next Post

P. Constantinou & Co Ltd opens new office in Polis Chrysochous, Paphos

Next Post
P. Constantinou & Co Ltd opens new office in Polis Chrysochous, Paphos

P. Constantinou & Co Ltd opens new office in Polis Chrysochous, Paphos

Newsletter

Latest News

Financial Services Sector: Future of Finance
Articles

Financial Services Sector: Embracing the Future of Finance

March 24, 2023

This article delves into the DLT Pilot Regime, its objectives, and its significance in the European financial services sector. The...

Read more
Financial Services

More financial services included in accountants portfolio

March 23, 2023
InvestPro ONline- Cyprus Preview

InvestPro Online Cyprus Preview

March 23, 2023

Accountants in Cyprus is an accounting portal that consists of information in the field of finance and a network of Cyprus accounting firms and other financial service providers .

USEFUL LINKS

  • Accountants in Nicosia
  • Accountants in Limassol
  • Accountants in Larnaca
  • Accountants in Famagusta
  • Accountants in Paphos
Menu
  • Accountants in Nicosia
  • Accountants in Limassol
  • Accountants in Larnaca
  • Accountants in Famagusta
  • Accountants in Paphos

USEFUL LINKS

  • Cyprus Tax Consultants
  • Tax Planning Cyprus
  • Tax Benefits Cyprus
  • Double Taxation Treaties
  • Cyprus Accounting Firms
Menu
  • Cyprus Tax Consultants
  • Tax Planning Cyprus
  • Tax Benefits Cyprus
  • Double Taxation Treaties
  • Cyprus Accounting Firms

AFFILIATED SITES

logo-lawyers-in-cyprus
lawyers-malta
2022 © Accountants in Cyprus. All Rights Reserved. Developed by Wizzweb
  • About
  • Cyprus Accounting Services
  • Auditors in Cyprus
  • Contact Us
No Result
View All Result
  • Publications
  • About Cyprus
    • Cyprus History
    • Cyprus Company Registration
    • Cyprus Tax
    • Accountants Cyprus
    • Cyprus Economy
  • Find Accountants
  • Contact Us
  • Our Services
  • Subscribe
  • Advertise
  • FAQ

© 2023 Accountant in Cyprus

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.