Maksym Stepanenko
Managing Partner, Crystal Tax
International client projects since 2012: company structures, tax, immigration, DUNS and NCAGE. 50+ jurisdictions.
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Accounting for a Cyprus company follows an annual cycle: IFRS books, an audit or review, an annual return to the Registrar of Companies, and a corporate tax return at 15% to the Tax Department. VAT-registered companies add VAT returns, with payment due by the 10th day of the second month after the period. For an owner resident in Ukraine, the Cyprus company's accounts are the basis of the CFC report.
Bookkeeping, filings and tax for Cyprus companies · CFC reporting for owners in Ukraine
In brief
- Corporate tax from 2026: 15% (12.5% until the end of 2025); losses carry forward for 7 years.
- Audit is mandatory; a review is allowed with turnover up to €300,000 and assets up to €500,000 for two consecutive years.
- Annual return: the first one is made up to 18 months after incorporation and filed within 28 days.
- The €350 annual company levy was repealed from 2024; arrears for 2012–2023 remain.
- Beneficial owner details are confirmed every year between 1 October and 31 December.
What a Cyprus company files each year
| Filing | With | Deadline |
|---|---|---|
| IFRS financial statements with an audit opinion or review report | Registrar of Companies and Tax Department | With the annual return and the tax return |
| Annual return | Registrar of Companies | Within 28 days of its date; €20 fee, late penalty up to €150 |
| Corporate tax return | Tax Department, Tax For All portal | With audited accounts, by 31 January of the second year after the tax year |
| Provisional tax | Tax Department | 31 July and 31 December of the current year |
| VAT returns | Tax Department | Payment by the 10th day of the second month after the period |
| Payroll tax, IR7 | Tax Department | Monthly withholding, IR7 by 30 April of the following year |
| Beneficial owner confirmation | Beneficial owners register | 1 October to 31 December every year |
What our accounting covers
- bookkeeping and source documents, reconciliations of banks, payment providers, debtors and creditors;
- IFRS financial statements and the auditor's pack, answers to the auditor's queries;
- the 15% corporate tax calculation, provisional tax and the return;
- annual returns and register changes: directors, office, shares;
- VAT registration and returns where applicable, see VAT registration in Cyprus;
- the CFC report for an owner in Ukraine, see CFC rules.
What we need from you
- statements for all company accounts for the year;
- invoices, contracts and proof of expenses;
- details of shareholders, directors and beneficial owners;
- access to the company's tax portal, or consent to work through our representative.
Overdue filings
Not filing an annual return is an offence: a fine of up to €42 for the company and each officer in default, an administrative fine of up to €8,543 where accounts are not filed, and a risk of strike-off. We bring missed years up to date in order, together with the auditor: books, statements, tax returns and annual returns. The scope is set after we review the documents.
Owners in Ukraine
A Cyprus company controlled by a Ukrainian resident is a controlled foreign company. The CFC report is filed with the owner's annual return, with the company's financial statements attached. Cyprus charges no SDC on dividends to a non-resident individual; treaty rates for Ukraine are on company registration in Cyprus and taxes.
Send the company name and tell us which years have been filed. We will prepare a tailored proposal with the scope of work.
Related pages
- Auditing companies in Cyprus: when a review is enough.
- VAT registration in Cyprus: rates and the €15,600 threshold.
- Cyprus non-dom: personal tax for founders.
Sources: Companies Law Cap.113, Assessment and Collection of Taxes Law 4/1978, Income Tax Law, VAT Law (cylaw.org); Registrar of Companies: financial statements, annual return, late filing, beneficial owners register, annual fee repeal; Business in Cyprus: income tax and VAT. Checked on 9 October 2026.
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Frequently asked questions
What do accounting services in Cyprus include?
Is an audit mandatory for a Cyprus company?
When is a Cyprus company's tax return due?
Is the €350 annual levy still payable?
Can the books be kept while the owner lives abroad?
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Briefly describe your task: the country, the business activity and the timing. That is enough for us to propose a solution and the order of work.
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Our advantages
Corporate structuring, company registration in Ukraine and abroad, tax and reporting, migration, bank accounts, DUNS and NCAGE codes. We run the whole project, from choosing the solution to the finished documents.
Confidentiality terms are set out in our contract. We do not pass information about a client or their project to third parties, except where the law expressly requires it.
We compare jurisdictions against your business task: tax regime, reporting, substance requirements and access to banking. On the call we go through the upsides and the limits of each option.
We name the timeline for every step before the work starts — it depends on the jurisdiction, the registrar and the bank. Personal data is used only to deliver the service.
We handle the correspondence with registrars, government bodies and banks and answer their requests ourselves. From you we need documents and signatures.
We take each case to the finish: if an authority or registrar comes back with remarks, we revise the documents at no extra charge. The fee is calculated for your task before work starts.