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Accounts and audits in Cyprus

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Every company registered in Cyprus, in accordance with the Companies Act (Chapter 113), must annually pass the following statements:

  • Financial statements by an independent auditor and tax declaration to the Tax Department of Cyprus (Inland Revenue Department);
  • Financial Report (translated into Greek) and the annual report (Annual Return) at Companies House of Cyprus (Registrar of Companies). Registration Chamber of Cyprus adopt the annual report only if it is attached to the copy of financial statements with the auditor's
  • The first financial statements, together with the auditor's report may be presented in up to 18 months from the date of incorporation, and then required to submit such reports annually. The law requires each of Cyprus Cypriot company accounting that reflects its economic activity and allow the preparation of financial statements. The books should reflect the income and expenditure of funds, sales and purchases, as well as assets and liabilities of the company. Bookkeeping Cypriot companies in accordance with international standards for accounting. Each company, Zar e were recorded in Cyprus, must submit the auditor's report and submit it to the Tax Department and the Companies House in Cyprus.

    ═══════════════ Annual reports should contain the following data: the number of shares and debentures, information about shareholders, registered office, directors, secretary and the company's debt.
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    The Companies Act requires annual Cyprus prov e Denia mandatory audit of each company. Inspection shall be conducted in accordance with International Standards on auditing. Company auditor appointed by its shareholders.
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    Financial and tax records filed in a controlled bodies within one year after the end of the fiscal year of the enterprise. The financial statements consist of: Director's report, balance sheet, income statement, notes to balance sheet and profit and loss statements, the auditor's opinion, the consolidated financial statements, statement of cash flows, as well as other reports that are included at the discretion of directors and auditors company.
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    The basic tax statements filed within one year after the end of the fiscal year of the enterprise and includes the following: tax returns, financial statements, calculation of the amount of tax payable to the budget. If untimely submission of tax returns the IRS, the company fined 10% of the unpaid tax.