CYPRUS COMPANY ACCOUNTING

According to Cyprus tax law, companies are obliged to keep accounting books and records and prepare financial statements complying with International Financial Reporting Standards. These are then audited by a qualified auditor and the tax declarations based on the audited financial statements are then filed with the authorities. This is done on an annual basis with the accounting/financial year-end being 31st December. A copy of the financial statements is also filed with the Registrar of Companies. Failure to do so will result in the company being struck off.

The statutory corporate income tax rate in Cyprus is 10%.

We will contact you at the end of each accounting year to remind you of these formalities and assist you in preparing the necessary filings.

In order to prepare the financial statements and tax declarations, you will be asked to provide a number of items to the accountants. A full list is available on request.