GTH Audit

In accordance with the provisions of the Companies Law in Cyprus every company set up in the Republic of Cyprus is obliged to submit annually to the Registrar of Companies its audited financial statements, which must be audited by licensed auditors, eligible to perform statutory audits.

Audit licenses are granted, monitored and regulated under the Companies Law and the assigned Regulated Bodies, such as the Institute of Certified Public Accountants of Cyprus.

Our Company follows a flexible audit approach and methodology enabling it to respond promptly and effectively to the individual needs and requirements of its clients.

Specifically, our auditing service may provide to the client the following:

• Statutory and regulatory audit and issuance of an Audit opinion on the financial statements of a company in accordance with international standard of Auditing (ISAs)
• Preparation of Financial Statements in accordance with International Financial Reporting Standards (IFRSs)
• Consulting you on the application of IRSs and other generally accepted accounting practices
• Special purpose audits

Our team of highly qualified accountants provides day to day support in the preparation of accounts in compliance with regulatory reporting obligations.

We use a sophisticated computerized accounting software for recording and keeping proper accounting records which can be used to extract various reports and assists in the preparation of the financial statements.

Our services in this field include:

• Maintenance of proper accounting and related records in any major currency based on International Accounting Standards (IAS)
• Preparation of periodic management accounts and other accounting reports
• Preparation of annual unaudited financial statements based on International Financial Reporting Standards (IFRS)
• Advice on accounting matters and treatment of specific transactions
• Preparation and submission of provisional tax declarations and payment of taxes
• Invoicing services including the issuance of commercial or proforma sales invoices based on client’s instructions
• Preparation of bank reconciliations including bank movement reports for specific periods
• Maintenance of VAT records and preparation and submission of VAT returns
• Preparation and submission of monthly VIES and INTRASTAT

Due to the fact that Cyprus has one of the lowest corporate tax rate in the European Union and in the world, it has become an important jurisdiction for the incorporation of International business entities, establishing it as a significant international financial center.

It is thus evident that great attention must be placed on tax planning in an ever growing and demanding worldwide environment. Taking this into consideration, we keep current on new developments on tax laws and regulations aiming to provide to our clients high quality taxation planning in order to maximize their tax benefits and advantages while at the same time minimizing their tax liabilities and ensuring that they meet all compliance requirements.

Cyprus offers substantial tax incentives for the international investor due to the favorable tax regime and the numerous double tax treaties that has signed with various countries. In fact, Cyprus differs from most other offshore jurisdictions as it has a large number of double tax treaties to offer.

Generally speaking, the double tax treaty provides reduced or even nil rates of withholding taxes on dividends, interest and royalties paid out of the contracting state. It also allows avoidance of double taxation in the case where a resident in one of the contracting states derives income from other contracting states.

By utilizing Cyprus' numerous double tax treaties, the tax burden of the investor can be kept to a minimum enhancing at the same time the shareholders' value.

Business Taxation

• Assistance in preparation of tax returns
• Submission of the required tax return to the Inland Revenue
• Liaising with the Inland Revenue Department
• Ongoing tax planning
• Advice on international tax planning

Personal Taxation

• Assistance in preparation of tax returns
• Submission of the required tax return to the Inland Revenue
• Personal tax planning
• Advice on tax issues affecting expatriates
• Liaising with the local tax authorities

Our services in this field include:

• Registration of company and staff with the Income Tax Office and Social Insurance Department
• Keeping proper payroll records including the calculation of the salary related taxes and net salaries in accordance with the requirements of the relevant legislation
• Issuance of monthly and yearly payslips and related reports per employer’s or employee’s request
• Assistance in completion/submission of monthly and yearly payroll related returns with authorities
• Assistance in paying social insurance and related costs to the local authorities
• Advising on regulations and guidelines affecting expatriate employees
• Assistance in the preparation and filling of annual returns
• Obtaining a tax clearance certificate from the Social Insurance Department for expatriate employees for the purposes of renewal of their work permit