We understand the complexity of complying with company requirements whilst following the International Financial Reporting Standards. Regardless of the size of your company,
Each employed person in Cyprus is compulsorily insured under the Social Insurance Scheme. Each employer has to register with the Employers’ Register of the Social Insurance Services. The employer is liable to pay contributions to the Social Insurance, Central Holiday (if not exempted), Redundancy, Human Resource Development and Social Cohesion Funds for each of their employees. In addition, the employer is obligated to withdraw and pay to the authorities the income tax on behalf of the employees (Income Tax Law 118(I)/2002 par.41).
In accordance with the Cyprus Companies Law Cap.113, books of accounts which are considered necessary for the preparation of financial statements must be kept.*
*Companies Law (Cap 113) par.141 (Keeping of books of account. 6(a) of 167(I) of 2003.)