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Privacy and Data Protection
Our digital risk team is made up of a combination of subject matter experts and technical specialists who can help your business comply with the GDPR.
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Governance, Risk and Compliance (GRC)
While business goals and strategies evolve, our services support you wherever you are in your business cycle. The digital economy is simultaneously increasing the magnitude of new business opportunities while increasing the difficulty of getting it right.
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ISO 27001 and ISO 27701
Grant Thornton’s ISO 27001 and ISO 27701 specialists will arrange and oversee the formal audit process.
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SOC 1,2,3
As a service organization there are many ways to provide assurance to your customers and in turn other stakeholders over your control environment. One of the most effective and cost-efficient ways is to issue a Service Organization Control (SOC) Report.
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Incident Response
Grant Thornton’s Cyber Incident Response Team can support your business in the event of a cyberattack or data loss event. We work alongside your existing IT and Legal teams to provide a co-ordinated, timely and efficient investigation and remediation.
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Hacking Services
At Grant Thornton, our cyber security experts can develop a bespoke penetration testing plan to meet your business needs and unique IT environment. We can undertake the full suite of testing or conduct individual assessments, as required.
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Cyber Health Check
Approximately 54% of organizations report that they have experienced at least one cyber-attack during the past year. Grant Thornton’s cyber health check provides you with an objective, jargon-free assessment of your current cyber security, drawing on both qualitative and quantitative elements.
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Dark Web Threat Intelligence
We use a variety of dark and deep web monitoring tools that continuously scans illegal sites to discover any mention of your data, ranging from breached security credentials such as usernames and passwords to leaked confidential documents of your company.
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Digital forensics and electronic discovery
We offer a full suite of digital forensics and data acquisition services in investigations related to cybercrime, disputes, fraud and regulatory investigations.
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Insolvency
If you're facing a time of personal or corporate financial crisis you need advice from someone who listens, who understands your specific issues and deals with them in a supportive and sensitive manner.
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Crisis stabilisation and turnaround
In periods of financial distress, management teams often face considerable challenges, with many directors having little or no experience of similar conditions.
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Operational and financial restructuring
Companies challenged by underperformance often need support in identifying options for financial or operational restructuring. Tapping this type of advice helps them create a stable platform for business turnaround.
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Accelerated M & A
Even fundamentally sound businesses run into difficulties. Cash flow can come under pressure from the loss of a big client, or a dip in performance can threaten a breach of banking covenants if there is insufficient headroom.
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Indirect Tax
Our experienced VAT specialists are available to assist companies and entrepreneurs of all industries and sizes in meeting their obligations.
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Direct Tax
We can help you ensure a bespoke balance between tax compliance and effective tax planning for your special circumstances.
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New Decree changing VAT Returns and payments for certain businesses
17 Apr 2020In an effort to satisfy the increased cash-flow requirements of the Cyprus Government resulting from the COVID-19 outbreak, the Council of Ministers issued on 16 April 2020 a new Decree (ΚΔΠ 170/2020). The decree affects the VAT reporting periods and deadlines for submission and payment of VAT due by businesses which have received notifications from the Tax Department through e-mail or otherwise. The Tax Department has also published guidance on the practical application of this amendment.
Change in taxable periods
Taxable persons who have received the relevant notification, are required to submit VAT returns for monthly reference periods ending 31 March 2020, 30 April, 31 May and 30 June 2020. The transitional arrangements relating to the current reporting periods are summarized in the table below:
|
Current VAT period |
New VAT period |
Submission and payment deadline for the periods ending up to 31/03/2020 |
|
1/1/2020-31/3/2020 |
1/1/2020-31/3/2020 |
27/4/2020 |
|
1/2/2020-30/4/2020 |
1/2/2020-31/3/2020 |
27/4/2020 |
|
1/3/2020-31/5/2020 |
1/3/2020-31/3/2020 |
27/4/2020 |
Payment of the VAT liability
The deadline for each of the aforementioned periods is the 27th of the month following the expiration of each reporting period. Affected businesses whose activity codes fall within the scope of the table in the Annex below are required to make payment of the liability relating to each reporting period in full. Affected businesses whose activity codes do not fall within the scope of the aforementioned table are required to pay 30% of the VAT liability relating to each reporting period, with the remainder falling due in accordance with the manner prescribed by the guidance from the Tax Department.
Comments
The above provisions apply only to businesses which have received notifications. The taxable periods for businesses which have not received notifications remain the same and are able to take advantage of the deferral for payment of their VAT liability. More details may be found in our previous VAT alert. The notifications have been sent by the Tax Department to the email declared to the VAT Authorities during TAXISNet registration. Any changes to this address which have not been declared to the Tax Department will not affect the responsibility of businesses to comply with the above changes.
Annex: Table of activity codes required to make payment in full
|
|
Activity code |
Activity description |
|
1. |
35111 |
Production of electricity |
|
2. |
36001 |
Collection and distribution of water for irrigation |
|
3. |
47111 |
Supermarkets and grocery stores |
|
4. |
47112 |
Mini markets |
|
5. |
47211 |
Retail sale of fruit and vegetables |
|
6. |
47221 |
Retail sale of meat and meat products, including poultry |
|
7. |
47241 |
Retail sale of bread and bakery products |
|
8. |
47242 |
Retail sale of confectionary products |
|
9. |
47301 |
Retail supply of fuel |
|
10. |
47411 |
Retail sale of computers, peripheral hardware and software including video games |
|
11. |
47621 |
Retail sale of newspapers and stationery |
|
12. |
47731 |
Retail sale of pharmaceuticals |
|
13. |
61101 |
Cyprus Telecommunications Authority (CyTA) |
|
14. |
61201 |
Internet services |
|
15. |
61301 |
Satellite services |
|
16. |
61901 |
Other telecommunication activities |