News & Insights | Garnetwise Financial Solutions

06.10.2026

Annual Return Cyprus: extension until December 31, 2026 — what companies should do now

If your Cyprus company has overdue annual returns (form HE32) outstanding, there is now a window to put things in order: on 4 September 2026 the Department of the Registrar of Companies and Intellectual Property announced an extension of the deadline for submitting overdue annual returns and the corresponding financial statements to 31 December 2026. It is important to understand the limits of this relief — it holds back the strike-off procedure, but it does not cancel late filing penalties. Nor should the work be postponed: the HE32 is prepared on the basis of up-to-date financial statements, and restoring several years of accounting records takes weeks and months rather than days.

Overdue annual reports of companies in Cyprus, deadline extended to December 31, 2026, AI illustration

23.09.2026

Cyprus PAYE Annual Return 2025: Deadline Extended to 30 November 2026, Penalties up to EUR 500

By decision of the Tax Commissioner dated 16 September 2026, the deadline for submitting the Annual Declaration of Withholding Income Tax and Contributions (PAYE) for tax year 2025 has been extended to 30 November 2026. The previous deadline was 30 September 2026. Declarations submitted after the new date are treated as late and carry a penalty of EUR 250 for a legal entity, EUR 500 where the company's turnover or assets exceed EUR 1,000,000, and EUR 150 for an individual.

PAYE tax documents in Cyprus, a calendar with the date September 30, and a laptop, AI illustration

17.09.2026

Provisional tax in Cyprus in 2026: how to revise the estimate by December 31 and avoid a penalty

The temporary tax in Cyprus for 2026 can be revised until December 31 — this is the last day to adjust the estimate in order to avoid a penalty for underestimating by more than 25% of actual profit. If the estimate turns out to be significantly underestimated, the Tax Department will impose a penalty on the underpaid amount plus interest for late payment. The discrepancy between the forecast and actual data should be monitored using interim reporting, not in the last week of December.

AI illustration of Cyprus tax documents with a calendar showing December 31, 2026 and a calculator for calculating payments

03.09.2026

Accounting for an IT company in Cyprus: IP Box accounting, payroll, and reporting

Accounting for an IT company in Cyprus requires particular attention to three areas: accounting for development costs, payroll calculation, and compliance with corporate and tax reporting obligations. For companies creating software or other qualifying intellectual property assets, the IP Box regime can play an important role.

A laptop with code on the screen, a calculator and reporting documents nearby on a desk in an office in Cyprus

27.08.2026

Remote accounting in Paphos: when it's more cost-effective than a local accountant

Remote accounting for business in Paphos works just as effectively as a local specialist, thanks to fully digital document management and online tax filing through the Cypriot TFA portal. The geographical location of the accountant has lost its significance — what matters much more is process transparency, communication speed, and knowledge of Cypriot VAT regulations

Accountant works with documents and financial reports at a computer in an office in Paphos

20.08.2026

How to Choose an Accountant in Limassol: A Checklist of Criteria for Russian-Speaking Businesses in Cyprus

When choosing an accountant in Limassol for a Russian-speaking business, focus not so much on the language of communication as on qualifications (membership in ICPAC and ACCA), understanding of international ownership structures, the full scope of services (bookkeeping, VAT, payroll, tax compliance) and transparency of work. Language is a matter of convenience, while it is professional competence and accreditation that protect against tax and reporting risks

Professional accountant works with documents and financial reports on a desk in a Limassol office