By

Maria Gregory
The world of audit services is on the brink of a transformative journey, driven by technological advancements and the ever-evolving business landscape. As we navigate through the 21st century, audit services are undergoing a paradigm shift, embracing innovative technologies to enhance efficiency, accuracy, and overall effectiveness. In this article, we will explore the future of...
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Cyprus, strategically located at the crossroads of Europe, Asia, and Africa, has established itself as a prominent business and financial hub. Understanding the tax landscape is crucial for individuals and businesses looking to thrive in this Mediterranean island nation. Below is an overview of the various taxes that need to be paid in Cyprus.  ...
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Outsourcing the accounting function vs keeping it in-house Outsourcing the accounting function and having it in-house both come with their own sets of advantages and drawbacks. Here’s a breakdown: Benefits of Outsourcing the Accounting Function: Cost Savings: Outsourcing can lead to cost savings in terms of salaries, benefits, overhead costs, and recruitment expenses. Access to...
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The regulatory landscape in accounting is always evolving, and professionals in the field must keep abreast of these changes to remain compliant and effective in their roles.   So why do Regulations Change?   Financial Scandals and Crises: Major financial scandals or crises often lead to calls for increased transparency and regulatory overhaul.  Globalization: As...
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Payment of temporary tax for the tax year 2023 and final tax for the tax year 2022 As per the Assessment and Collection of Taxes Law, every company or individual (who derives income other than from emoluments) must pay by the 31st of July 2023 an estimate of the taxable profit for (corporate) income tax...
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The new legislation, enacted on 8 June 2023, sets out the following 2 conditions (square meters and value) that both need to be fulfilled to benefit from the 5% VAT rate: For apartments/houses up to 130 square meters, a VAT rate of 5% shall be imposed. For apartments/houses that exceed 130 square meters and are...
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Extension for the submission of tax returns of individuals According to a decree issued by the Council of Ministers on 9 June 2023, the submission of tax returns for individuals (IR1) has been extended up to (and including) 2 October 2023. The reason for the extension, and as previously communicated is because the IR1 form...
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The Council of Ministers revised the criteria for obtaining an Immigration Permit as per Regulation 6(2) of the “Aliens and Immigration” Regulations (i.e. Permanent Residency (PR) Permit for Investors). The revised criteria entered into force as from 2 May 2023.   What are the key changes? Key change Current requirement Previous requirement      ...
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In an increasingly complex and dynamic business environment, organizations face a multitude of risks and challenges. To mitigate these risks and ensure operational efficiency, many companies turn to internal audit functions. Internal audit provides valuable insights, independent assurance, and advisory services that help organizations achieve their strategic objectives. In this article, we will explore the...
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There is a lot of talk surrounding AI and how it will come into our lives and take over our jobs. But is this the reality? What is AI? There are many definitions surrounding what AI is. The most ‘simple’ definition for AI seems to be the simulation of human intelligence processes by machines, especially...
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