Recent changes in Cyprus tax compliance require all employers to include their employees' Tax Identification Number (T.I.N.) when completing the monthly Employer's Tax Declaration (T.D. 7) through the TFA portal. This update, effective from the 2024 tax year onwards, highlights the importance of ensuring that every employee has a valid T.I.N. to maintain compliance and avoid potential penalties.
Why is a T.I.N. Now Mandatory?
Under the updated tax regulations, employers must include each employee's T.I.N. when submitting the T.D. 7 form. This change aims to enhance transparency and streamline the tax reporting process. Employers who fail to provide this information may face compliance challenges, leading to delays and possible penalties.
How Eurofast Can Assist
If your employees do not yet have a T.I.N., Eurofast is ready to assist with the application process at a special discounted price of €70 + VAT (original price: €150 + VAT). Our team of experts offers:
- Tailor-made solutions for tax filing and documentation
- Compliance advisory services to minimize potential risks and penalties
- Strategic assistance to help businesses meet tax deadlines effectively
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
