CYPRUS BUSINESS ENVIRONMENT AT A GLANCE MAINTENANCE ACCOUNTING BOOKS AND RECORDS
From 1st of January 2006, with effect from the tax year 2006 and onwards , every person (individual, company or partnership) deriving income from commercial or vocation, or any other occupation and from property (such as leasing or rental) must:
Issue of receipts and invoices in relation to transactions and receipts, as specified by Regulations issued by the Council of Ministers and published in the Cyprus Gazette.
Invoices should be issued within 30 days from the date of the transaction unless a written approval has been obtained by the Commissioner for the purpose of issuing the invoices at a later date. (Effective from 1 July 2011).
In case of a business which maintains stocks it should carry out a stock take during the year end and the results of the stock take should be made available to the Commissioner , in case requested. (Effective from 1 July 2011).
Maintain accounting books and records and prepare accounts in accordance with acceptable accounting standards, that are audited in accordance with acceptable audit standards, by a person that is eligible to act as an auditor of a company in accordance with the Company’s Law.
A person is obliged to update books and records within 4 months from the date of the transactions. (Effective from 1 July 2011).
An individual is exempt from the obligation to maintain accounting books and records where the annual turnover does not exceed the amount of Euro 70.000.
Cyprus maintains and enhances its competitiveness as a reputable international financial center and distinguishes itself from the infamous tax heavens.
Read further advantages for the formation of International Business Companies in the island of Cyprus.