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Cyprus new corporate annual tax boosting the economy

(CYPRUS) — New fee for Cyprus companies from 2012

The Cyprus government decided in 2011 to implement a new annual fee for active Cypriot companies of €350 per company. The Company Law  N117 (I) 2011 is due no later than 31st December, annually.

The Ministry of Commerce, Industry and Tourism announces a system upgrade allowing online payment of the annual year-end charge via its website of the Department of Registrar of Companies and Official Receiver (www.mcit.gov.cy/drcor). Please note that many Cypriot accountants will pay the fee on your behalf and bill you for it, so please ensure that they have not already paid the annual fee before you execute any online payments.

It’s understandable that the Cypriot government implements this low annual tax to secure the state with additional income in an attempt to in addition “clean up” the database of possible dormant companies that now also must report to the government. However, if your accountant submits a report confirming that your company in fact is not an operational company but a dormant company (that you wish to keep) the annual fee is zero.

For additional information, please contact the Department of Registrar of Companies and Official Receiver at the corner of Makarios and Karpenisi street, Xenios Hall, 1427 Nicosia, Tel: +357 22 404325, fax.: +357 22 304887

Cyprus still has the lowest corporation tax in Europe:

This annual tax is a small price to pay for the lowest corporate tax in Europe of only 10% per year on PROFITS on your Cypriot company.

A Cyprus company provide you with many benefits in addition to low taxation:

When you own a Cyprus company you will notice some of the following benefits:

No capital gains tax on immovable property or shares

No dividend tax on profits on shares

Flexible accounting with high possibility of approved expenses

Benefit from over 40 double tax treaties

Be anonymous using nominee directors

Open European payment gateways to receive online income straight to the company bank account

Internet banking and international debit and credit cards in several currencies (even Amex black if you are really cool)

Any individual or corporation around the world can establish a Cyprus registered company.
For more information and help contact my offshore establishment service the TaxWizards at http://www.taxwizards.eu

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