Table of Contents
Why Accounting in Cyprus Is Different
Cypriot companies must keep books per IFRS – double-entry bookkeeping with balance sheet and P&L. Every Limited Company needs mandatory annual audit. CMC handles everything: IFRS bookkeeping, VAT returns, tax returns, audit coordination – in German, at a fixed price.
What CMC Handles
Ongoing bookkeeping (IFRS). Quarterly VAT returns. Annual income/corporate tax returns. Audit coordination. Annual Return filing. Deadline monitoring – no CMC client has ever missed a deadline.
The section on "Why Accounting in Cyprus Is Different" was the most valuable for us. We couldn't find this information anywhere else before our move. It saved us a lot of time and hassle.
– Business owner from Frankfurt, in Paphos since 2022
What You Do – and Don't
You: collect receipts, send to CMC, invoice your clients. CMC: everything else. You don't need to understand DATEV, IFRS, Greek tax forms, or TAXISnet.
Deadlines CMC Monitors
Quarterly: VAT (10th of following month). Half-yearly: Temporary Tax. Annual: Income/corporate tax (Jul 31), Annual Return, Audit. CMC monitors all automatically.
Bookkeeping and Tax Returns
Topics: Why Accounting in Cyprus Is Different, What CMC Handles, What You Do – and Don't
CMC Practical Tip
Half-yearly: Temporary Tax.
Frequently Asked Questions
Depends on volume. Concrete offer in free initial consultation. Usually comparable or cheaper than German advisor – with more comprehensive service.
Yes – mandatory for every Cypriot Ltd regardless of size. €800-1,500 for small Ltd. CMC prepares books for smooth, cost-effective audit.
Theoretically yes with IFRS knowledge. In practice: almost no expat does. Error risks far outweigh savings.
VAT: 10% penalty + interest. Income tax: 5% surcharge. Annual Return: €50/month late fee. With CMC: this doesn't happen.
How CMC Supports You
At CMC Certus Management Consultants, we are here for you – not only for tax and legal questions, but also for all practical topics of everyday life in Cyprus. Our team in Larnaca and Pafos knows the local conditions first-hand.
As your local contact, we handle: company formation and management, tax advisory and Non-Dom applications, ongoing bookkeeping and tax returns, support with authorities, and referrals to estate agents, lawyers, doctors and tradespeople.