Profit before tax (as per audited financial statements)
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1 Appendix 1 Basic tax computation for corporation tax purposes Profit before tax (as per audited financial statements) Notes Euro Add: Add: Non allowable expenses Depreciation of property, plant and equipment 1 Amortisation of intangible assets 1 Accounting loss from the sale of property, plant and equipment 2 Accounting loss from the sale of investment property 2 Entertainment 3 Saloon car expenses 4 Any expenses relating to non taxable income (especially investments) 5 Impairments 1 Loss from the sale of securities 13 FV loss from securities/investments 1 Legal expenses relating to assets / securities Annual levy (Euro 350) Incorporation expenses Private expenses posted in the company General provision for bad debts 1 Expenses paid lacking evidence (proper invoice) Unjustifiable expenses (i.e. paying a BVI company irrelevant fees) 6 Unrealized exchange losses 7 Realized exchange losses as a result of a non taxable item (investments) 7 Adjustment of allowed expenses 5 Penalties Capital expenditure 8 Payments in response to threats, blackmails Compensation to employees for accidents Any taxes Loss from permanent establishment abroad (recapture) 10 Salaries on which social insurance contributions have not been paid 11 Loss from the sale of goodwill 9 Taxable adjustments (not appearing in the profit or loss) Balancing charge 2 Notional interest 12
2 Less: Notes Euro Non taxable income (appearing in the profit or loss) Dividends () Interest from non trading activities () Profit from the sale of securities 13 () Profit from the sale of non trade items () Profit from the sale of property, plant and equipment 2 () Profit from the sale of investment property 2 () Unrealized exchange gains 7 () Realized exchange gains on non taxable items (securities) 7 () Proft from permanent establishment abroad 10 () FV gains from securities/investments 1 () Less: Granted allowances (not appearing in the profit or loss) Balancing allowance 2 () Wear and tear allowances 2 () Adjusted profit for corporation tax purposes Less: Group relief 14 () Losses carried forward 14 () Taxable profit subject to corporation tax Multiplied by corporation tax rate 12.5% Less: Double tax relief 15 () Temporary tax paid 16 () Corporation tax due before penalty Add: 10% penalty due to low temporary tax assessment 16 Corporation tax liability
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10 Notes to the tax computation 1 Estimates Figures that appear in the profit or loss of an 'estimate', 'provisional', 'judgemental nature are specifically not allowed for tax purposes. These include: 1.1 Depreciation 1.2 Amortisation 1.3 Impairments 1.4 General provisions for bad debts* 1.5 General provisions for obsolete inventories 1.6 Fair value gains or losses posted through the profit or loss * A specific bad debt is allowed for tax purposes, provided that the Company has proved that it has performed all necessary actions to collect the debt (to include legal letters, court appearance, proof of an insolvent/bankrupt debtor). In addition, calculations that have included the use of estimates are also not allowed (in case of a loss) or not taxable (in case of a profit). These include: 1.1 An accounting profit/loss on the disposal of property, plant and equipment 1.2 An accounting profit/loss on the disposal of investment property Such profits or losses are derived after calculating: Proceeds less carrying value with the carrying value being cost less accumulated depreciation Since depreciation is included in these calculations, the result is not allowed or taxable for corporation tax purposes. 2 Capital allowances Capital allowances are a deduction granted by the tax authorities and come in 2 forms: 2.1 Wear and tear allowances These are fixed rates of 'depreciation' issued by the tax office and are granted in replacement of the depreciation estimate of the Directors of the company.
11 Wear and tear allowances follow the period of the financial statements. This means that if the financial statements are for 1 year, then full wear and tear is granted on the asset (irrespective of the actual purchase date). If the financial statements are for a period (say 7 months) then wear and tear is appropriated for 7 months. There is no wear and tear allowance granted in the year of disposing the asset. The rates of wear and tear allowances are: % Industrial buildings (factories, hotels) 4* Commercial buildings 3 Plant and equipment 10* Computer hardware 20 Computer software Vans 20 Saloon cars 0 Land 0 Privately used assets 0 * For any industrial buildings purchased, or any capital expenditure incurred on existing industrial buildings, in the years 2012, 2013 and 2014, the tax office grants a increased wear and tear allowance of 7%. *For any plant and equipment purchased in the years 2012, 2013 and 2014, the tax office grants an increased wear and tear allowance of 20%. 2.2 Balancing statement As mentioned before, when an asset is disposed, an accounting profit or loss is created being the proceeds less carrying value (carrying value being cost less accumulated depreciation). Such profits or losses are disregarded for tax purposes. Instead, the tax office grants a balancing statement which is calculated as: Proceeds less tax written down value (TWDV) of the asset with TWDV being cost less accumulated wear and tear If the result of the balancing statement is a profit (referred to as a balancing charge) then this amount is taxable and added to taxable profits. If the result is a loss (balancing allowance) then such loss is allowable and deducted from taxable profits.
12 3 Entertainment Note that in case of a balancing charge the taxable amount is the lower of: 1 Balancing charge and 2 Accumulated wear and tear allowances The maximum allowable entertainment expense is the lower of: 1 Euro or 2 1% of gross turnover 4 Saloon car expenses The position of the tax office, is that a luxury saloon car is not absolutely necessary to perform the duties of a company (a van could be used). As such ANY expenses to a saloon car (petrol, repairs etc) are NOT allowed for tax purposes even if the such expenses have indeed been incurred for purposes of the company. 5 Any expenses relating to non taxable income Non taxable income is usually linked to investment companies. Such companies usually display the following incomes in their profit or loss: Profits from sale of securities FV gains from investments Dividends received Interest income from securities (say from bonds) Total income 10m 6m 2m 2m 20m All incomes, with the exception of the interest income, are not subject to corporation tax. Hence any specific expenses relating to the non taxable incomes are NOT allowed (custody fees, brokerage fees, legal fees to acquire investments etc). Other expenses that are usually allowable for tax purposes (general overheads) are only allowable to the extent that the company has some element of taxable income. In the above illustration, if the company beared general expenses (audit, wages etc) of 4m, the amount that would be allowed for tax purposes would be linked to the taxable income derived from the bonds (interest) as follows: Taxable income fraction: 2/20 Multiplied by expenses: 2/20 4m Allowed portion: 0.4m With the remaining 3.6m being dissallowed and added back for tax purposes.
13 6 Unjustifiable expenses A company paying fees (especially to another entity incorporated in a tax haven) must substantiate the payment of these fees through proper substance. The tax office will not accept 'commissions' 'kick backs' 'consultancy fees' services' or any other expense paid to a tax haven entity unless the tax advisor can fully justify such payments. 7 Treatment of exchange differences All unrealized exchange differences are adjusted for tax purposes (i.e. a loss is not allowed and added back). Realized exchange differences are typically considered as part of taxable profits and require no adjustments UNLESS: 1 The realized exchange difference arose from a non taxable item (i.e. securities) OR 2 The company has elected that any realised exchange differences are treated in the same manner as unrealised 8 Capital expenditure Items of a capital nature are not allowed as an expense in the year of occurance. IAS 16 states that repairs / maintenance etc to an existing asset is of a capital nature, when such costs either: 1 Increase the useful economic life of the asset or 2 Increases the future economic benefits of the asset Therefore such costs need to be capitalised and not included in the profit or loss. The tax office will allow wear and tear allowance on such costs. It goes without saying that if the accountant is stupid enough to include a classic capital expense (new purchase of an asset) in the profit or loss, that such cost is not allowed for tax purposes (again wear and tear is granted). 9 Goodwill Goodwill is taxed in the year of disposal, and is taxed on: Proceeds less cost to acquire goodwill Note that, in cases where the result is a profit, then such profits are taxable. However, in case of a loss, the loss arising from the sale of goodwill is not an allowed expense.
14 10 Permanent establishment abroad If the permanent establishment abroad: 1 Pays tax of less than 6% AND 2 Most of its operations relate to investing activities Then such permanent establishment abroad is fully taxable in Cyprus and is considered part of taxable profits / losses (no adjustment necessary). If one of the two conditions does not apply (or even both) then the permanent establishment is exempt from any taxation in Cyprus. This means that: 1 In the year that the permanent establishment has a profit, such profit will be deducted for tax purposes 2 In the same way, in the year of a loss, the loss should be added back. However, in order to encourage Cyprus companies to open permanent establishments abroad, it offers the following tax aid: 2.1 In the year of the loss, do NOT adjust the loss (i.e. do not add the loss back) 2.2 Add the loss back when and if the permanent establishment creates profits 11 Salaries on which social insurance contributions have not been paid As of 2012, the tax office does not recognise any salary on which normal social insurance contributions have not been paid. Such salaries will be accepted as a tax allowable expense, in the year of paying the associated social insurance contributions. 12 Notional interest Notional interest applies to the following cases: 1 Purchase of an asset that does not generate taxable income (Restriced to actual finance costs) Examples 1.1 Saloon cars 1.2 Securities In these cases, the company must 'restrict' the amount of interest expense appearing in its profit or loss.
15 This means that: 1.1 The average borrowing interest rate of the company needs to be applied on the cost of such items 1.2 The result is referred to as notional interest 1.3 This notional interest does not appear in the profit or loss 1.4 The notional interest calculated needs to be compared to the actual finance costs appearing in the profit or loss 1.5 As notional interest is a 'restriction' on actual finance costs, you will disallow the lower between the finance costs in the profit or loss and the notional interest calculated 1.6 If a company does not have any finance costs in its profit or loss there is no need to apply notional interest on such items 1.7 Finance costs includes interest and charges 1.8 Notional interest is applied for 7 years for each such asset As of 1st January 2012, notional interest does not apply to the purchase of shares in a 100% subsidiary, provided that such subsidiary generates taxable income. In the case whereby the subsidiary generates part taxable and part non taxable income then notional interest applies pro rata on the non taxable activities. 2 Financing (No restriction) If a company provides specific financing to another company then: 2.1 The tax office demands a market rate of interest of such finance 2.2 Hence if the company has provided finance to another company at zero interest, then the tax office will demand a notional interest equivalent to market rate on such finances 2.3 If a company provides a loan with a lower rate of interest in comparison to market rate, then the difference is considered as notional interest 2.4 Note that financing does not only refer to the provision of a typical loan. If a company appears as a receivable in the financial statements for a period more than 12 months (even less in some cases) then such balances are still considered as financing by the tax authorities 2.5 This notional interest is subject to corporation tax if the company providing the finance: 1 Is a financial institution (with a proper license) or 2 Provides finance to its group members or 3 Provides finance to a related company 2.6 Such notional interest is not subject to corporation tax (but subject to SDC) if the company has provided financing to a non related entity.
16 3 Back to back loans (No restriction) In case of a back to back loan, the tax authority requires notional interest at a reduced rate (i.e. not market rate) depending on the amount of the back to back loan. Specifically: 13 Securities (titles) Loan amount % Less than Euro 50m 0.35 Between Euro 50m and 200m 0.25 Over Euro 200m What is important, is that the tax authorities require the above margins to be taxed in Cyprus when relating to an interest bearing back to back loan. If the back to back loan relationship carries no interest, then the tax office requests a 0.35% margin irrespective of the amount. Such margins are subject to corporation tax. For a back to back relation to exist: 1 Ultimate beneficial owner of the Group must not be a Cyprus tax resident 2 All companies involved in the back to back structure are related 3 There is a 6 month time limit to conclude the set up 4 In case of a 'write off' of the recivable/payable then no tax issue arises (no tax in the company that has benefited from the write off, and no tax allowance in the company that has 'lost' from the write off All of the above apply. If a condition is breached, then such loans will not be considered as 'back to back' but as a normal loan that attracts notional interest at market rate. The following are considered as 'titles' and profit/loss from their disposal gives rise to no taxable income/allowance: 1 Shares 2 Bonds 3 Debentures 4 Options 5 Futures/forwards on titles 6 Swaps on titles
17 14 Utilisation of losses Company level Losses can be carried forward for a period of 5 years. There can be no carry forward of losses in cases where: 1 There is a change in ownership of the company and a change in the activity of the company within 3 years of the change in ownership 2 There is a change in ownership of the company, at a period where the company was dormant or had diminishing results 3 The company failed to submit its financial statements (IR4) within a 6 year period Group relief Members of a group (group as defined by the tax) can surrended their losses. The tax office defines a group as: Note that: 1 Direct/Indirect ownership of more than 75% 2 Direct/Indirect ownership of more than 75% for the entire year 1 Group relief is only available between Cyprus tax resident companies 2 A foreign company is not part of the Group for loss surrender, but can act as an intermediary in determining an indirect ownership of more than 75% 3 Group relief is available only for the current year. Any losses not utilised for Group relief purposes can be carried forward on a company level (rules for Company level losses) 4 As of 1 January 2012, a company is considered as part of the Group for group relief purposes, if it was incorporated within the year by its Parent (hence in this case more than 75% does not need to be for a full year) 5 Trading stock (available for sale) companies are not part of the Group
18 15 Double tax relief Any tax suffered abroad either from: 1 A permanent establishment of the company abroad or 2 Any incomes from abroad Are eligible for double tax relief. As with individuals, double tax relief is the lower of: 1 The Cyprus corporation tax (12.5%) that would have been paid on such incomes and 2 The amount of foreign tax suffered Hence, there will never be a refund in cases where the tax paid abroad was higher than the tax that would have been paid in Cyprus. 16 Temporary tax As of 2013, temporary tax payments are made in two installments: First: Second: By the 31st July By the 31st December A penalty of 10% is imposed in cases where the resulting tax liability (after deduction of double tax relief and temporary tax) is more than 25% of the taxable amount.
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