Accounting and tax reporting in Cyprus
Cyprus is well-known among entrepreneurs for its attractive tax regime, Mediterranean location, and friendly business climate. But what really separates successful ventures from the rest is an understanding of the island’s detailed accounting and tax reporting obligations. Whether you’re running a local startup or operating an international structure, maintaining compliance is not optional—it’s crucial for risk management and credibility. Here’s what you need to know about accounting and tax reporting in Cyprus , with a focus on real-life process, deadlines, and best practices. Understanding statutory accounting requirements Every company incorporated in Cyprus is legally required to maintain accurate and up-to-date accounting records. These records have to clearly explain all transactions, ensure that your financial position is always clear, and enable the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS). What must be recorded? ...