NAK AUDIT

17/11/2025

With us by your side, Sky is the limit.

21/07/2025

Reminder

24/11/2023

New Requirements for Digital Platform operators based on DAC 7.

The "Law amending the Administrative Cooperation in the Field of Taxation Laws" was published on November 3. This law implements Council Directive (EU) 2021/514, known as DAC 7, introducing new obligations for Platform Operators and amending several provisions related to administrative cooperation in tax matters, particularly regarding CRS/DAC2 and DAC6 provisions.

Platform operators are mandated to automatically exchange specific data types. However, they are only required to collect data on particular types of sales, termed as "relevant activities," including renting immovable property, providing personal services, selling goods, and renting any mode of transport.

Under the law, Platform Operators must:
• Register with the Cypriot Tax Department or notify if already registered in another EU Member State.
• Conduct due diligence procedures and report determined seller information to the CTD as stipulated in the law.

Non-compliance with these obligations may lead to monetary penalties and reputational harm. Platform Operators proving that no reportable sellers engage in relevant activities through their platforms can be exempted.

Reporting platform operators must register with the Cypriot Tax Department by December 31, 2023. Those starting operations after this date must register upon commencement. The first DAC 7 reporting deadline is January 31, 2024.

For further info please contact us.

23/10/2023

Only 8 Days Left!

17/10/2023

05/10/2023

Why live and do business in Cyprus?

-300 sunny days a year.
-Beautiful award winning beaches.
-High quality restaurants and excellent hospitality sector.
-One of the lowest corporate taxes in Europe (12,5%)
-Incentives available for relocating companies for even lower tax
-Companies with Intellectual Properties can benefit from effective tax rate of only 3%.
-No CGT or income tax on shares.
-No withholding taxes for non-domiciled individuals.
-Double tax treaties with over 65 countries to avoid double tax.
-Stable legal framework
-Efficient company formation and based on well-known common law
-Expert advise from highly educated professionals.
Read further on our page. www.nakaudit.com/why-cyprus.
Don't hesitate to contact us for setting up a business in Cyprus, relocating and/or any financial matters.

Professional Services that your business needs to elevate to the next level!

04/10/2023

Extension of the submission deadline for 2022 Income tax return for individuals until 31 October 2023.
Παράταση προθεσμίας υποβολής φορολογικής δήλωσης για το 2022 μέχρι 31 Οκτωβρίου 2023.

10/09/2023

Deadline for tax declaration 2nd October Προθεσμία υποβολής φορολογικής δήλωσης 2 Οκτωβρίου

The final due date for submission of income tax declaration for individuals (TD1) for 2022 and payment of the tax due is 2nd of October 2023.

09/09/2023

50% tax relief for foreign individuals.

On 30th June 2023 the Cyprus Parliament voted further amendments to Income Tax Law provisions of Article 8 (23A). The amendments are applied retrospectively from 1st January 2022.