Tax Consultancy Services in Cyprus
Why Does a Business Need Tax Consultancy Services?
Tax is something every working individual and corporate entity has to deal with, whether one likes it or not. And more often than not, people wish to ignore its intricacies. What they fail to recognize is that proper tax management can lead to substantial savings, which one might otherwise be losing out on. Handling corporate tax is directly related to the regional regulation, and consequently requires the pertinent knowledge and tactics.
Tax Benefits of Setting Up a Company in Cyprus
Cyprus, despite not being a tax haven, is a legitimate low tax jurisdiction. It is especially suitable for setting up intermediary holding companies because of its combination of tax treaties and low-tax regime.
The tax advantages that Cyprus offers companies are:
- It has one of the lowest corporate tax rates in the EU – 12.5%.
- It has over 40 double tax treaties in Europe. These provide for reduced or negligible rates of withholding tax on dividends, interest and royalties paid from the treaty country and the avoidance of double taxation in the case where a resident in one of the treaty countries derives their income from the other treaty country.
- Cyprus has unilateral foreign tax credit relief. This implies that if an income is subject to Cyprus tax, relief for taxes paid abroad is offered in the form of a tax credit. The relief is given unilaterally irrespective of the existence of a double tax treaty.
- Where a double tax treaty exists, the
- treaty provisions apply if more beneficial.
- Dividends received from companies in Cyprus are exempt from tax.
- Dividends received by a Cyprus company from abroad are exempt from tax provided that:
- At least 50% of the direct or indirect activities of the company paying the dividend are attributable to non-investment income, or
- The tax burden on the dividend paying company’s income is not lower than 5%
- There is zero capital gains tax on the sale of shares.
- Provision of unlimited carry forward of trade losses.
- 50% exemption on employment income exceeding 100,000 euros per annum for non-residents employed in Cyprus
Business Setup Worldwide provides the following utilities within the purview of tax consultancy:
- Personal and corporate tax planning
- Preparation and submission of corporate and personal income tax returns
- Assistance with enquiries from tax authorities
- Obtaining of tax certificates (e.g. tax clearance certificates)
- Preparation and submission of Value Added Tax (VAT) and VAT Information Exchange System (VIES) returns
- Preparation and submission of capital statements
- Registration with income tax authorities
- Registration with VAT authorities
Who We Are
Business Setup Worldwide is a platform to help you start your firm. Right from incorporation, registration and licensing to establishing your office space, we facilitate the setting up of your business through expert counselling and incubation.
Business-specific customized service, comprehensive capability across varied segments of industry, proactive and continuous learning in the global business market, and ability to foster a company’s business objectives, providing comprehensive support in executing its strategies, distinguish Business Setup Worldwide, and provide the competitive edge in ensuring that your business flourishes.
Business Setup Worldwide's proprietary business design techniques, in addition to its specialized industry knowledge and global reach, enable companies to anticipate changes in customer preferences and the competitive environment, and then design their businesses and improve operations adapting to market changes.
Business Setup Worldwide assists companies in establishing a presence in Cyprus by providing company/corporate secretarial services to enable them handle regulatory requirements in a timely fashion. Our team is there to help you manage your regulatory matters in a professional and secure manner, suiting specific business needs. We have a highly experienced corporate secretarial team in Cyprus to help you out with compliance, regulation and business consulting.