The post Firm’s Transparency Report – 2025 appeared first on PKL - G. Kalopetrides & Partners Ltd.

The post Firm’s Transparency Report – 2024 appeared first on PKL - G. Kalopetrides & Partners Ltd.

Duties and Responsibilities

• Preparation and handling of correspondence and required confirmations to the various state authorities and other similar agencies.
• Answering phone calls: Handle client, supplier, and employee inquiries professionally and direct calls as needed.
• Filing and documentation: Maintain organized records of contracts, invoices, and important client and firm documents.
• Daily communication flow: Manage emails, letters, and other communications, distributing and responding as necessary.
• Calendar management: Schedule and organize appointments, meetings, and manage deadlines.
• Administrative support: Assist other departments with data entry, reports, and general administrative tasks.
• Coordinate departmental activities to ensure smooth operations and compliance with firm policies.
• Manage office supplies, ensuring timely replacement to avoid interruptions.
• Maintain and update client folders, both physical and digital.
• Provide support to the audit team and carry out tasks as directed by the department head.
• Prepare and submit timely reports, presentations, and other materials.
• Comply with KYC requirements and manage records in the firm database.
• Undertake additional work-related tasks, responsibilities, or authorities as assigned by the firm’s management team.

Candidate’s profile

• Diploma / degree in secretarial studies and / or business administration or a related field.
• Minimum of 3 years of experience in a similar role.
• Strong organizational and time-management skills.
• Proficient in the MS Office Suite (Word, Excel, Outlook, Power-point), 
• Strong interpersonal skills.
• Excellent written and verbal communication skills in English and Greek

Remuneration

An attractive remuneration package will be offered to the successful applicant, on the basis of qualifications and prior experience.

Please submit your curriculum vitae to: kalopetridesm@pkl.com.cy

For more information, please contact Mr Michalis Kalopetrides, at +357 24 653 555

The post Vacancy of a Reception / Administration Department Officer appeared first on PKL - G. Kalopetrides & Partners Ltd.

The post Firm’s Transparency Report – 2023 appeared first on PKL - G. Kalopetrides & Partners Ltd.

The successful applicant will have the opportunity to develop his / her technical knowledge of various industries, as well as, having the opportunity to work with a number of high profile business entities.

The position reports to a designated Audit Supervisor or Audit Manager and will have direct responsibility for a number of audit functions, as follows:

• Compilation of proper audit documentation.
• Achieve individual budgets and performance objectives.
• Maintain the highest technical and professional standards.
• Contribute in the team’s efforts to maximise the effectiveness of relationships with clients and deliver added value.

Requirements

• University graduate, holder of an upper class Bachelor’s degree and / or Master’s degree in an accounting-related field.
• Commitment to targets.
• 2-3 years of external audit experience, ideally with exposure to multiple sectors of business activity is a must.
• Team player with strong interpersonal and communication.
• Very good knowledge of the English and Greek languages (written and spoken – any further language will be considered an additional quality).
• Essential familiarity with the MS-Office Suite Applications (Word, Excel, Outlook and PowerPoint).
• Very good knowledge of the CaseWare Audit International, audit-methodology toolkit will be considered as privilege.

Benefits

• External and internal training opportunities
• 21 days of paid annual leave
• Vacant Wednesday afternoon and Friday end-of-day at 4:00 p.m.
• Friendly working environment
• Casual Friday option

Remuneration

An attractive remuneration package will be offered to the successful applicant, on the basis of qualifications and prior experience.

Please submit your curriculum vitae to: kalopetridesm@pkl.com.cy

For more information, please contact Mr Michalis Kalopetrides, at +357 24 653 555

The post Vacancy for a Senior Auditor appeared first on PKL - G. Kalopetrides & Partners Ltd.

Our firm, G. Kalopetrides & Partners Ltd, is seeking a hardworking individual to join our Assurance Services Division. The successful candidate will contribute towards providing assurance services to our portfolio of international and local clients, in a variety of operating sectors. The admitted recruit will also be assigned the execution of our firm’s risk-based audit approach and participate in audit teams during fieldwork.

The successful applicant will have the opportunity to develop his / her technical knowledge in various industries, as well as, benefit from the prospect of working with a number of high-profile business entities.

The position reports to a designated Audit Supervisor or Audit Manager and will have direct responsibility for a number of audit functions, as follows:

• Compilation of proper audit documentation.
• Achieve individual budgets and performance objectives.
• Maintain the highest technical and professional standards.
• Contribute in the team’s efforts to maximise the effectiveness of relationships with clients and deliver added value.

Requirements

• University graduate, holder of an upper-class Bachelor’s degree and / or Master’s degree in an accounting-related field.
• Commitment to targets.
• 1-2 years of external audit experience, ideally with exposure to multiple sectors of business activity, is considered to be a privilege
• Team player with strong interpersonal and communication skills.
• Very good command of the English and Greek languages (written and spoken).
• Essential familiarity with the MS-Office Suite of Applications (Word, Excel, Outlook and PowerPoint).

Benefits

• External and internal training opportunities
• 21 days of paid annual leave
• Vacant Wednesday afternoon and Friday end-of-day at 4:00 p.m.
• Friendly working environment
• Casual Friday option

Remuneration

An attractive remuneration package will be offered to the successful applicant, on the basis of qualifications and prior experience.

Please submit your curriculum vitae to: kalopetridesm@pkl.com.cy

For more information, please contact Mr Michalis Kalopetrides, at +357 24 653 555

The post Vacancy for a Junior Auditor appeared first on PKL - G. Kalopetrides & Partners Ltd.

Φόρος Εισοδήματος

• 2^η δόση προσωρινής Φορολογίας (200) για το έτος 2023

Έκτακτη Αμυντική Εισφορά (ΕΑΕ) και Γενικό Σχέδιο Υγείας (ΓεΣΥ)

1. Πληρωμές που αφορούν παρακράτηση

• ΕΑΕ (0614) και ΓεΣΥ (0714) που παρακρατήθηκαν από ενοίκια που πληρώθηκαν το β’ εξάμηνο 2023
•  ΕΑΕ (0602) και ΓεΣΥ (0702) που παρακρατήθηκαν από τόκους τον Δεκέμβριο 2023
• ΕΑΕ (0603) και ΓεΣΥ (0703) που παρακρατηθηκαν από μερίσματα τα οποία εκδόθηκαν τον Δεκέμβριο 2023
• ΕΑΕ (0623) και ΓεΣΥ (0723) σε λογιζόμενη διανομή μερίσματος για τα κέρδη του έτους 2021

2. Πληρωμές που αφορούν αυτοφορολογία

• ΕΑΕ (0604) και ΓεΣΥ (0704) για ενοίκια β’ εξαμήνου 2023
• ΕΑΕ (0612) και ΓεΣΥ (0712) για τόκους που εισπράχθηκαν χωρίς παρακράτηση στην πηγή τον Δεκέμβριο 2023

Σε περίπτωση εκπρόθεσμης πληρωμής του οφειλόμενου φόρου θα προκύπτει τόκος και χρηματικές επιβαρύνσεις. Ο ετήσιος τόκος υπολογίζεται με βάση τους συμπληρωμένους  μήνες για τους οποίους καθυστερεί η καταβολή φόρου.

Αναφέρουμε επίσης ότι βάση Διατάγματος Κ.Δ.Π. 416/2023, το Ενιαίο Δημόσιο Επιτόκιο Υπερημερίας από 1.1.2024 είναι 5% (2023: 2,25%).

Υπενθυμίζουμε επίσης για την έγκαιρη υποβολή της Δήλωσης Παρακράτησης ΕΑΕ και ΓεΣΥ σε λογιζόμενη διανομή μερίσματος (ΤΦ623) για τα κέρδη του έτους 2021, μέχρι την 31^η Ιανουαρίου 2024. Μη έγκαιρη υποβολή υπόκειται σε διοικητικό πρόστιμο €100.

Για οποιαδήποτε διευκρίνηση επικοινωνήστε μαζί μας.

The post Πληρωμές φορολογιών – Ιανουάριος 2024 appeared first on PKL - G. Kalopetrides & Partners Ltd.

(if this has not been withheld at source by the tenant, through Tax Form T.F.601), foreign dividends and interest.

1. Legal entities are subject to extraordinary defense levy if they are tax residents of Cyprus. Before July 16, 2015, natural persons were subject to an extraordinary defense levy if they were tax residents of Cyprus. As of July 16, 2015, of course persons are subject to defense levy if they are both tax residents of Cyprus and if they are “domiciled”.

A natural person is “domiciled” in Cyprus for the purposes of the Emergency Defense Contribution, if he has the residence of origin in Cyprus, as specified in the Law on Wills and Succession (with some exceptions) or if it is tax resident in Cyprus for at least 17 of the 20 years immediately preceding the relevant tax year. Provisions for tax avoidance apply.

2. Dividends received by a company that is a tax resident of Cyprus from another company that is a tax resident of Cyprus, are excluded (except for dividends paid indirectly after 4 years from the end of the year in which the profits from which the said dividends are derived) were realized.

In the case where the actual dividend has been distributed to a company that is indirectly owned by a natural person/s tax resident of the Republic who have their tax residence (domicile) in the Republic and at the discretion of the Treasurer, the interposition of that company as a shareholder of the company that paid the dividend does not serve any commercial or economic purpose but has as its purpose the calculation of a reduced amount of extraordinary defense levy, the Commissioner has the power to consider that the dividend has been paid to the tax resident of the Republic who has his domicile in Republic which directly or indirectly controls the company that received the dividend, and to demand the extraordinary amount defense levy either by this person or by the company itself. Tax avoidance provisions apply.

3. From 1 January 2016, this subsection applies to dividends that are not deductible for the purposes of determining foreign tax from the company paying the dividend. Dividends Deductible for Foreigner Determination Purposes tax from the company paying the dividend are subject to corporation tax.

This exception does not apply if:

more than 50% of the foreign company’s activities yield direct or indirect income from investments and

the foreign tax is significantly lower than the tax burden in Cyprus. The tax authorities clarified through a circular that “significantly lower” means that the actual tax burden on distributed earnings is less than 6.25%.

If the exemption does not apply, the Cypriot company pays a 17% defense levy.

4. Such interest is subject to Income Tax.

5. Interest collected from Cypriot government development bonds and savings certificates from individuals, as well as and interest earned by a Provident Fund is taxed at 3%. If the total income of a natural person (including interest) does not exceed €12,000 in the tax year, the special contribution rate for defense is reduced to 3%.

In cases where the tenant is a Cypriot company, cooperative, the state or a local authority, the Emergency Defense Contribution on domestic rents is withheld at source and is payable at the end of the month following the month in which withheld. In all other cases the Emergency Defense Levy on such rents is payable by the landlord at the end of each semester, i.e. on June 30 and December 31 of each year.

Extraordinary Defense Contribution payable in domestic interest and dividends, to tax residents of Cyprus, is withheld in source and are payable at the end of the month following the month in which they were collected.

However, an Extraordinary Defense Levy on dividends, interest and foreign rent is payable at the end of each half-year, that is, on June 30 and December 31 of each year.

6. Rents are also subject to income tax. Foreign taxes paid can also be credited against the defense levy.

For more information please contact us or visit our website:

The post Payment of extraordinary defense levy for the second half of the year 2023, on rents. appeared first on PKL - G. Kalopetrides & Partners Ltd.

Obligation for provisional tax payment

The following persons have an obligation to pay provisional tax, based on their expected annual taxable income for tax year 2023:

• Individuals with taxable income other than salaries, pensions, dividends and interest; and
• companies with taxable income.

Persons with no taxable income, do not have an obligation to pay provisional tax.

Payment of provisional tax

The provisional tax is calculated by applying the relevant tax rates (depending on whether the taxpayer is an individual or a company) on the expected taxable income for the year, after taking into account any overseas tax credits. It is payable in two equal instalments, as follows:

The timely payment of provisional tax can be made by firstly creating the provisional tax obligation through the Tax Portal of the Tax Department (TD) and then selecting one of the below payment methods from the icons appearing next to the Payment Reference Number (PRN):

Payments made after the effective deadline can only be made via online banking and will be subject to interest at the current rate of 2,25% per annum (calculated on a completed months basis) plus a 5% penalty on the tax due. An additional penalty of 5% may be imposed by the TD if the tax remains unpaid two months after the statutory deadline (i.e. for the 1^st instalment, the penalty will be imposed from 1 October onwards).

Any difference between the actual tax payable and the temporary tax paid for the year 2023 is payable by 1^st of August 2024.

10% additional tax in case of underestimation

In case the provisional taxable income declared is less than 75% of the final taxable income for the year, the taxpayer is required to pay an additional tax equal to 10% of the difference between the final tax due and the provisional tax paid.

Revised provisional tax calculation

Taxpayers can revise their provisional tax calculation (upwards/downwards) until 31 December 2023. In case of an upward revision, interest is payable on the difference between the revised amount payable and the amount initially declared and paid as 1^st instalment. It is noted that for downward revisions, Forms TD.5 (for individuals) and TD.6 (for companies) should be submitted.

The post Submit a revised Provisional Tax Return for the current year, if deemed necessary. appeared first on PKL - G. Kalopetrides & Partners Ltd.

Cyprus Tax Regime: An Overview

Cyprus has cultivated a tax regime that is not only business-friendly but also aligned with international best practices. The country’s tax system is characterized by its simplicity, transparency, and a network of double taxation treaties. These features, combined with its strategic location and economic stability, create a unique proposition for businesses looking to optimize their tax liabilities while engaging in global trade.

Low Corporate Tax Rates

One of the most compelling aspects of Cyprus’s tax regime is its low corporate tax rate. With a corporate tax rate of 12,5%, Cyprus offers a competitive advantage over many other jurisdictions. This advantageous rate significantly reduces the tax burden on businesses, enabling them to allocate more resources to growth and innovation.

Attractive Intellectual Property (IP) Regime

Cyprus’s Intellectual Property (IP) regime is a testament to its commitment to fostering innovation. The regime provides substantial tax incentives for income derived from qualifying IP assets. This includes a generous 80% deduction on qualifying net profits, resulting in effective tax rates that are among the lowest in the EU. The favorable IP regime encourages businesses to invest in research, development, and creative endeavors.

Double Taxation Treaties

Cyprus’s extensive network of double taxation treaties (DTTs) is a testament to its commitment to facilitating international business. These treaties prevent double taxation and ensure that income earned in one country is not subject to taxation in another. With over 50 DTTs in place, Cyprus provides businesses with a reliable framework for cross-border transactions, making it an attractive choice for those seeking global expansion.

Full Exemption on Dividend Income

Investors and shareholders benefit from Cyprus’s tax system through a full exemption on dividend income. Dividends received by a Cyprus tax resident company from another Cyprus company are entirely exempt from corporate income tax. This incentivizes the repatriation of profits and supports a seamless flow of funds within corporate structures.

Capital Gains Tax Benefits

Cyprus offers favorable capital gains tax treatment, further enhancing its appeal as an investment destination. Under certain conditions, gains from the disposal of shares, bonds, and other securities may be exempt from capital gains tax. This provision encourages investment and supports the growth of capital markets.

Efficient Group Relief Provisions

Cyprus’s tax regime includes provisions for group relief, allowing losses incurred by one company within a group to be offset against the profits of another. This fosters flexibility and risk mitigation within corporate structures, enabling businesses to optimize their tax positions and achieve overall tax efficiency.

Comparative Advantage over Other Jurisdictions

In comparison to many other countries, Cyprus’s tax regime shines as a beacon of stability and flexibility. While some jurisdictions may impose higher corporate tax rates or lack comprehensive double taxation treaties, Cyprus offers a well-balanced combination of low taxation, international cooperation, and investor-friendly policies.

Summary

In a world where financial strategies can determine the trajectory of a business’s success, Cyprus’s tax regime stands out as a powerful tool for optimizing profitability and growth. The country’s low corporate tax rates, generous IP regime, extensive network of double taxation treaties, and array of tax incentives, position it as a prime destination for businesses seeking a competitive edge. As you explore opportunities to expand your global footprint, consider the advantages that Cyprus offers.

Unlock the potential of Cyprus’s tax regime by visiting https://pkl.com.cy, and embark on a journey towards enhanced profitability, strategic growth, and a future of financial prosperity. Invest in Cyprus today, and position your business for success in the evolving landscape of global commerce.

The post Cyprus Tax Regime: A Comparative Advantage for Global Businesses appeared first on PKL - G. Kalopetrides & Partners Ltd.