AUDIT & ASSURANCE

- Statutory audits -

Cyprus registered entities are obliged to submit to the Inland Revenue annual tax returns which are based on financial reports prepared under International Financial Reporting Standards and the Cyprus Companies law, and audited by Certified Public Accountants and Registered Auditors.

The audit function is often perceived by businesses as a cost which provides no value to their operations, however the audit managers at Joannides + Co Ltd, adopt audit procedures which are designed for the specific circumstances of their clients, aim to meet the statutory requirements and comply with auditing standards and at the same time utilise the opportunity to identify improvements of their financial reporting systems and processes and assist to implement solutions which improve the business performance of their companies.

- Internal audits -

Internal audit services have been increasing in the past years as entities are trying to evaluate and improve the effectiveness of internal controls and risk management processes to accomplish their strategic objectives.

The internal auditors at Joannides + Co Ltd can undertake assignments to review existing internal audit processes and advice on their improvements, undertake to provide internal audit services to entities  for management and regulatory purposes and carry out ad hoc investigations to detect fraud.

TAXATION

The tax advisors at Joannides + Co Ltd can assist international and local corporate entities and private individuals to identify and develop tax strategies which aim to minimise their tax liabilities and also assist them to minimise their tax exposure to the increased reporting obligations, tax investigation policies and penalties imposed in recent years by the tax authorities.

In the past decade Cyprus has developed into a reliable financial center, member of the EU and fully committed to OECD initiatives against harmful tax practices.

The stability of the tax system, the uniform corporate tax of 12,5% and  the extensive network of double tax treaties have contributed to rank the island as a serious EU tax jurisdiction for both outbound and inbound investments, where  non EU companies are seeking to expand their operations into the  EU and more often when EU companies are seeking to expand their operations outside the EU.

The most popular international tax structures which are used in Cyprus are holding structures, group financing structures, royalty holding entities, trading entities and securities trading entities.

- International tax planning -

•   Determine cross border  tax consequences

•   Implement tax efficient structures

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