Audit & Assurance
Financial Statements Audit & Consolidations
A statutory audit comprises the objective and independent examination and evaluation of the financial statements of a company to ensure that the financial records, financial results and financial position give a true and fair representation of the company’s affairs. According to the Companies Act of Cyprus, all companies irrespective of their size, are obliged to perform a statutory audit of their financial statements. Based on these audited financial statements the company can prepare and submit its yearly tax return and annual return, to the respective government authorities.
In addition, legal entities that meet the criteria of a large size group are obliged by law to prepare consolidated financial statements, that present the assets, liabilities, equity, income, expenses and cash flows of the parent company and its subsidiaries, as a single financial entity.
Assurance Services
An assurance engagement involves the review and examination of financial documents and transactions to verify their correctness and validity. Our aim is to assist our clients to secure the quality of information used during their operations and to confirm that their decision making is valid and reliable.
Special Purpose Audits
Some companies need to prepare and present financial information in the form of management accounts, or statutory financial statements for a specific purpose or need. Such purpose could be the company’s bankers, or other specific users of its financial statements.
Taxation
Tax administration services
We can help you with the handling of different tax administrative tasks including, registration with tax authorities to obtain tax identification numbers, registration with TAXISnet, and applications for tax residency certificates or tax clearance certificates.
Tax Compliance Service
Our team can offer the following services, so that our clients are punctual, with the requirements and deadlines of the tax department.
- Preparation and submission of corporate (IR4) and personal (IR1) income tax returns
- Assistance in calculation and payment of temporary taxes
- Assistance in preparation and submission of employers’ returns (IR7)
- Registration of companies and individuals to the tax authorities and TAXISnet
- Preparation and submission of capital statements for physical persons
- Preparation and submission of special defence contribution returns
Tax planning and advisory services
Our tax experts offer advice on the design of local or international tax planning and on cross-border transactions.
Taxation
Tax administration services
We can help you with the handling of different tax administrative tasks including, registration with tax authorities to obtain tax identification numbers, registration with TAXISnet, and applications for tax residency certificates or tax clearance certificates.
Tax Compliance Service
Our team can offer the following services, so that our clients are punctual, with the requirements and deadlines of the tax department.
- Preparation and submission of corporate (IR4) and personal (IR1) income tax returns
- Assistance in calculation and payment of temporary taxes
- Assistance in preparation and submission of employers’ returns (IR7)
- Registration of companies and individuals to the tax authorities and TAXISnet
- Preparation and submission of capital statements for physical persons
- Preparation and submission of special defence contribution returns
Tax planning and advisory services
Our tax experts offer advice on the design of local or international tax planning and on cross-border transactions.
Our services include:
- Planning of Tax structures
- Tax effect planning on corporate reorganizations
- Advance tax rulings
- Advice and support regarding Transfer Pricing issues
- Intellectual property ownership and strategy
- Advice on withholding taxes
- Solving disputes with the Cyprus tax authorities
- Tax due diligence
- Tax audits
- Capital gains tax planning
Transfer Pricing
The continuous changes in the global tax environment, bring with them changes in the transfer pricing (TP) landscape. The Cypriot tax and TP regime has undergone significant changes in recent years to confront with the transformation of the international tax environment following the implementation of the OECD and the EU directives against Base Erosion and Profit Shifting (BEPS).
Country-by country reporting for large multi-national groups has been adopted by Cyprus authorities as well. Consequently, the Cyprus Tax Office is keen on transactions that follow the arms-length principle, especially when it comes to intercompany and intra group transactions.
Fintax, in cooperation with their dedicated and well experienced associates in the field of transfer pricing can help you satisfy the transfer pricing requirements demanded by local and international transfer pricing requirements. Our team can help you assess the transfer pricing profile of your group and prepare a proper and complete transfer pricing study.
Advisory
Start-ups
Our team can offer useful advice on the setting up, of a brand-new business in Cyprus. We can offer advice on the incorporation, administration, taxation, VAT and other compliance matters around any new business, for a successful future.
Due diligence
Due diligence can be in the form of an investigation, statutory audit, or financial review, performed to verify amounts and circumstances around a proposed business combination. A due diligence review can provide reliability and valuable information to support a merger or acquisition and identify the nature and extent of related risks. Our work is planned and executed so that we meet the specific requirements and address the specific risks of our client and of the project under review.
Preparation of business plans and feasibility studies
We prepare detailed business plans and feasibility studies to help our clients decide on a proposed new business activity, invite new business partners and to apply for finance from a bank. The feasibility studies that we prepare include a professional business plan with specific business strategies, financial models aimed at assisting the client in their decision making, market planning and analysis, financial data and non-financial advice on the opportunities and threats surrounding the project under review.
Accounting & Bookkeeping
Maintenance of proper books and records
Both the Companies Law and Tax Law of Cyprus require the maintenance of proper books and records by all legal and physical persons. We have a team of experienced and trained accountants that can assist you in keeping proper records of day-to-day transactions, preparing and submitting quarterly or monthly VAT returns, preparing period trial balances, nominal ledgers, perform debtor and creditor statement reconciliations, keep debtor aging analysis, and perform monthly bank reconciliations.
Preparation of interim and annual financial statements
We can help you produce statements of financial position, statement of comprehensive income, and cash flow for use by management during their decision-making process.
Preparation and submission of VAT, VIES and Intrastat returns
For business that are obliged to submit VAT returns we prepare and submit their quarterly VAT and monthly VIES forms.
VAT
VAT administration services
We can help you with the handling of different tax administrative tasks including, registration with VAT authorities to obtain VAT identification numbers, and correspondence and meetings with the VAT authorities.
VAT planning and advisory services
Our VAT experts offer advice on the design of local or international VAT matters and on cross-border transactions.
Our services include:
- Planning of VAT strategy
- Advice regarding VAT on cross-border transactions
- VAT rulings
- Advice and support regarding VAT Law and recent VAT updates
- Advice regarding OSS
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