What happens if a Cyprus IBC fails to file taxes?

[epaphus]

I was wondering, what occurs if a recently formed Cyprus company with and without appointed nominee directors fails to file yearly taxes?

 

[JohnLocke]

It doesn't make any difference if the company has appointed nominees or not, if it don't file tax and work out some accounting the company will be taken off the registry after some time, that's pretty simply. There will be no harm towards the owners! It's like it is in most part of Europe when you form an LTD.

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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​

 

[arturos]

So if you don't file your tax report the company will face penalties and government fines right?

 

[footi gupt]

I think if profit made by company is less then the average profit you should have no problems.

 

[myshufflemix]

Admin said:
It doesn't make any difference if the company has appointed nominees or not, if it don't file tax and work out some accounting the company will be taken off the registry after some time, that's pretty simply. There will be no harm towards the owners! It's like it is in most part of Europe when you form an LTD.
Click to expand...

Are you still allowed to do business if you failed to file the company's tax report? Do they have grace period or penalties?

 

[johnskywalker]

I thought there are gonna be legal charges that will be pressed against you or your company. I'm very surprised that nothing is gonna happen to you haha. Normal people would panic but these professionals here would not even bother with it nai¤%

 

[Sansa]

myshufflemix said:
Are you still allowed to do business if you failed to file the company's tax report? Do they have grace period or penalties?
Click to expand...

I think you're still gonna be allowed but with another business and not the current business that you failed to submit the report. Since its a new clean slate with a new business.

 

[deadpool]

I think it changes from country to country. Taxation varies greatly from one offshore destination to another.

 

[SasxInc]

Annual Government Duty 2016 - LAST CALL

This post will come to work for you.

 

[myshufflemix]

Sansa said:
I think you're still gonna be allowed but with another business and not the current business that you failed to submit the report. Since its a new clean slate with a new business.
Click to expand...

Seems to be true. I have read about people on this forum that actually don't care about the duty fee for 2016

 

[RamsayB]

I'm pretty surprised with some comments here. Isn't it illegal to not pay taxes if you're required to pay so even if you're in an offshore country? I'm curious about it

 

[Jack Dui]

Better you pay your tax if you want your company to stay...if you don't care or don't want to use that anymore than it is a different topics😉

 

[RamsayB]

Jack Dui said:
Better you pay your tax if you want your company to stay...if you don't care or don't want to use that anymore than it is a different topics😉
Click to expand...

I think even if you don't want to use it or you don't want that company anymore, as long as you haven't paid the due taxes, there will be notice letters coming for you to pay them until they are settled.

 

[negon]

If the company fail to file their financial report because of any reason the company get sooner or later closed!

 

[suzy]

Yeah sooner or later they will kill the company because it files to file the tax and financial reports. The same happen if you don't pay the Duty fee for 1 year they will simply take of the company from the registry and it's almost impossible to restore the company after that.