Cyprus reduces the administrative costs of businesses in Cyprus. These amendments will come into effect as from 1st of January 2013: The companies registered in Cyprus will be allowed to pay the temporary tax only in two installments (formerly it was three). If the company employs employees it is important that the Employer’s Return shall be submitted electronically. In addition the deadline for the submission of the tax return is extended for three months. The companies will not be required to keep their records for a long time because the number of years is reduced from seven to six years.
There will be some further changes which we will be presented as soon as they are finalized.

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