It has come to our attention that the Department of Inland Revenue in Cyprus has started to apply a 5% penalty on all late payments made to the Inland Revenue Department.
The penalty of 5% will apply on the amounts payable and shall apply from the first instance an amount becomes due to the Inland Revenue Department.
For any clarifications I remain at your disposal.
On Friday the 13 April 2011, an amendment to the Cyprus Partnerships Law was published in the official government newspaper. The Cyprus Partnerships Law has only been amended once and the recent amendment is the second time.
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The Cyprus Income Tax reduces persons or a Cyprus a company’s income tax by the amounts or sums donated to registered charitable institutions.
Receipts should be collected and adjustments should be made to reflect the amounts donate.
For further details please contact me.