The following amendments have been made to the Assessment and Collection of Taxes Laws.
Obligation to register with the Inland Revenue Department
A company is obliged to register as a taxpayer and obtain a Taxpayer Identification Number within 60 days from the date of its incorporation or within 60 days from becoming a tax resident of Cyprus
Exchange of Bank Information
Detailed provisions have been introduced that regulate the way bank information can be obtained in relation to a tax payer under investigation.
The electronic submission of Income Tax Returns has been introduced.
Raising of Best Judgment Assessment
Field Audits and Book-keeping
The most important change is the introduction of the power of the Director to enter and inspect the business premises of any person during its business hours, a power which does not extend to cover private dwellings.
Stock taking at the year end is obligatory.
Various penalties have been introduced which seek to penalise non-compliance with the provisions of the Law relating to submission of returns, notifications, provision of information etc.
For more details and information on the above, please visit the following website www.multilysis.com