“Add value and reduce your business risks. Appoint a Certified Accountant and Registered Auditor to get feedback upon effectiveness of your internal procedures and controls”.

Why business needs internal audit?  Essential element for your business sustainability that is conducted through verification of your controls and procedures in place.

No internal control system is in place?  Hurry up to contact us and create your own internal control system !  Do not leave your business at its mercy !  You never know who or what can mess things up and put your business at risk !

Internal Audit is grounded upon sincere collaboration between you and us as accountancy firm engaged to perform the task.   Internal audit provides:

• Reliance upon financial information and reports
• Legal compliance
• Ensure PPE safety and proper use

“Add value to your business; hire a Certified Accountant and Registered Auditor to get an independent review upon your system IT controls and data integrity maintenance”.

Why? Your business relies upon your financial data.  Financial data integrity and safety is fundamental to ensure your business financial health and sustainability!  Do you know the saying “garbage in garbage out”?

Your informational systems are to be audited to ensure your business Data Integrity and Safety.  You never know when a system control processes are valid and reliable until you get that independent opinion.  It requires a two way relationship to be fruitful and relies upon your kind collaboration.

“Get AFN Assistance and Support to meet your business statutory obligations”.

All entities, legal and physical, need to acquire a tax identity number and need to file annually their tax return.  Legal entities are obliged to file each year regardless their size from direct tax point of view: corporate tax return, employer’s return, immovable property declaration and computation of temporary tax for the year under assessment.

How it works;

Direct Tax is imposed upon you depending on the scheme involved.

Individuals (PAYE system if employee or through self assessment if under self employed scheme).  For individuals the tax imposed is called income tax.

Legal entities are liable to the following:

– taxable income, thereon corporate tax is calculated,

– dividend, interest and rent income, liable to pay special contribution for defense and gesy,

– sale of immovable property, liable to pay capital gains tax

Certain criteria apply and need to be met for the above taxes.

Tax Obligations are based upon the following Cyprus laws depending on the nature. A List of the laws we abide to can be found here

“Assistance and Support is provided to meet your running business’ commitments”.

VAT

Indirect tax imposed upon goods and services where the taxable entity acts as the agent to collect the indirect tax from customers on behalf of VAT and submit it to the Republic of Cyprus.  Since 13.1.2014 the following rates apply, regardless the periodic adjustments caused either by the pandemic or economic conditions in place:

• 19% being the standard rate
• 9% being the reduced rate 2

(imposed upon , passengers’ transport and their luggage with urban and rural buses)

• 5% being the reduced rate 1

(imposed upon writers, artists, fertilizers’ supply, animal foodstuff, live animals, seeds, non bottled water, salted nuts, camping sites letting and caravan parks, hair salon services, repair and maintenance of private households when specific condition is met, confectionery products, bottled water, juices, pharmaceutical products previously taxed under 15%, entry fees to theaters, cinemas, sports events, luna/amusement parks and similar cultural events.)

• Exempt VAT is applied upon medical care, social welfare, education, sports, cultural services, insurance transactions.

VAT Obligations are based upon the following Cyprus laws depending on the nature. A non comprehensive List of the laws we abide to can be found here.  It has to be noted that through the years variations are noticed depending upon the governmental policy to assist citizens at that specific time.

“AFN Contractual services can serve as element to move your business towards success path”.