All Cyprus businesses whether limited by shares or run by self-employed persons must prepare and pay monthly or quarterly their payroll taxes: Companies pay at the end of each month the Employers Social Insurance at 12% and the employees Social Insurance at 8.3% (deducted from the employees’ gross monthly salary).
On the other hand self-employed persons pay their social insurances on a quarterly basis at a rate determined by the income tax office depending on the services they offer. This is because the Social Insurance Office created various categories of Social Insurance Contributions for each self-employed individual class.
Payment of the Social Insurance Taxes is sometimes lengthy and certainly time consuming especially if there is high staff turnover (frequent rotation of staff) or time based remuneration packages.
Our firm offers a complete, fully managed payroll service, encompassing payroll processing, administration and payment of related taxes/ deductions to the Inland Revenue and the Department of Social Security. We provide practical and affordable solutions for your payroll needs.
Our services include:
- Registering the Employer / Company with the Social Insurance Office;
- Registering the Company with the Cyprus Income Tax Office;
- Maintaining Employees’ Payroll Records;
- Registering Employees with the local Social Insurance Office
- Calculation and Payment of Monthly Deductions to the Authorities;
- Preparation of Personal Tax Returns;
- Expatriate Consultation for tax breaks;
- Work and Residence Permit Assistance;
- Acting as Liaison with the Authorities
- Keeping you Informed
Why use CYAUSE Audit Services Ltd payroll services:
By outsourcing your payroll function to our firm, you are guaranteed:
- Timely and Accurate Payroll Information
- Compliant with all Payroll Tax Amendments
- Saving on the Purchase of a Payroll Software
- Saving on the Training and Error Corrections of the Software
- Highly Qualified and Experienced Staff Payroll Management
- Save time, effort and energy which can be used on more essential functions
*The information provided on this page, last updated July 2022