SIGTAX provides one-stop, fully managed payroll services to organizations that employ staff in Cyprus and abroad. The main services include payroll processing, administration, and payment of respective taxes or deductions to the Cyprus Inland Revenue and the Department of Social Security.
With SIGTAX, you get a practical solution for all your payroll outsourcing requirements without breaking your budget.
Cypriot Laws Relating To Payroll You Should Know
- Social Insurance: applies to everyone employed in Cyprus. It is mandatory. The social insurance contributions applies to the employer, the employee and the state.
- Annual Paid Leave: All employees in Cyprus are entitled to 21 days of leave per year.
- Cancellation of Employment: applies to obligations, rights and everything relating to terminating an employees’ work contract.
- Social Pension: Every female and male over the age of 63 and 65 respectively receives a state pension available relative to the contributions they made.
- PAYE: is Pay as you earn is applicable to both resident and non-resident employees in Cyprus. As a general rule, non-residents will be taxed only on the income they generate in Cyprus and Tax residents in Cyprus will get taxed on their worldwide income. Every employee is obligated to pay the tax, and it’s the responsibility of the employer to deduct it every month.
SIGTAX can help you:
- Calculate payroll monthly or weekly, based on your preference
- Calculate monthly payroll and the pay tax contributions and social insurance to the authorities
- Prepare and distribute payslips at the end of each payroll run
- Pay to your staff’s personal accounts through online banking transfers.
- Register new employees for income tax and social insurance
- Register the company for income tax and social insurance
- Get a yellow slip for foreigners if required
- Prepare and distribute annual payroll forms (IR63) to employees
- Prepare and submit annual payroll form (IR7) for the company to the authorities
- Get a tax clearance certificate from the Social Insurance Department for expatriate employees for the purposes of renewal of their work permit.