Tax and accounting regulations
Companies of all organization forms can use General and Simplified Tax Systems. There are restrictions on using Simplified Tax System (STS) concerning asset size (no more than USD 3m), number of workers (no more than 100) and trade turnover (no more than USD 2m). Using Simplified Tax System, the Company is not allowed to have more than 25% corporate shareholders (the Nominee Shareholder should be).
The Company has two options of income tax payment:
- 15% of profit (proceeds less expenses)
- 6% of proceeds
The Tax has to be paid quarterly. The reporting is filed once a year.
VAT. The Company is not a VAT payer except the import operations и the VAT payment for foreign counterparty. It is possible to register a Company as a VAT payer on your own initiative.
The General Tax System (GTS). The income tax is 20%. It is paid to the difference between profit and expenses. The components of expenses are strictly regulated and under control of Tax Service. The VAT is 18%. The Property tax (fixed assets) is 2.2% of the cost. The reporting is filed quarterly.
The Social security tax is 34% of the expenses spent on workers’ salary.
The income tax on workers is 13%.
The fee for Company support (including accounting, fiscal accounting, accounting and tax reporting submission):
|Less than 100 transactions/quarter||
|Over 100 transactions/quarter||
700 + EUR3 /transaction
300 + EUR2 /transaction
Panama Law 52: Updated legislation for all legal entities
Last month the Government in Panama officially approved Law Number 52; legislation which creates the regulatory framework for the implementation regarding automatically exchanging tax information, in a further attempt to comply with global regulations for tax transparency, and to be fully in line with all supervisory and compliance matters.
Important 2016 reporting deadlines for BVI Financial Institutions
Officials from the British Virgin Islands have come together to clarify various filing deadlines as per the automatic exchange of information systems in a press release.
Thinking of relocating your business to Singapore? Let us help you!
Singapore has quickly become one of the world's most prosperous countries with strong international trading links and per capita GDP equal to that of the leading nations in Western Europe, making it an ideal destination and potential location for Business Owners to relocate and start a new business and lifestyle.
How to register a branch in Cyprus
Overseas companies may register a branch in Cyprus, according to the Companies Law, Chapter 113, regulated by section 347. A branch will not essentially consider as being a new legal entity in Cyprus.
To Brexit or not to Brexit?
To Brexit or not to Brexit - this has been the question of the year for Britain and with the referendum taking place imminently, just two options remain: leave the EU or stay in. Why has this been such a difficult decision to decide upon?
Selecting a Management Information System
A management information system or MIS is used to assist in the analyses and formulation of business strategy, as well as facilitating operational objectives. Selection of an MIS can help increase understanding and control in an organisation and can be scaled to suit the complexity of most modern businesses. If the right MIS is selected and it is implemented correctly it can provide a competitive advantage for the organisations utilising it.
Windows 10 update: having issues with the installation?
By now you have probably about Windows 10, the latest operating system developed by Microsoft.
Accounting support for a Cyprus company located in Russia
When expanding your business overseas, not only do you have to comply with International Financial Reporting Standards (IFRS) and accounting standards, thought must also be given to the specific jurisdictions own rules and regulations.