PAYROLL SERVICES
Overview
Cyprus employment law objective is to protect the rights of the workers and all Companies should ensure compliance with the statutes. The most related statutes related to the salary and other payments are the following
- The Termination of employment law of 1967, as amended
- The Social insurance Law of 1980, as amended
- The Annual Paid Law of 1967m as amended
- The Minimum Salaries Law, as amended
- The Collective Redundancies Law of 2001
Our objective is to assist companies to comply with the specific Labour Laws and Regulations. The most important benefit for outsourcing your payroll, is to keep complete confidential the salaries between the internal personnel of your company.
We offer the following services:
- Registration of any local or foreign Company as employer to Social Insurance Department
- Registration of any foreign Company to Tax Department (remote employees)
- Registration and deregistration of new employees and leavers to online government portal.
- Registration of employees with the social insurance department
- Registration of employees with the Tax Department (PAYE)
- Issue of the payslips
- Distribution of payslips to each employees separetely as per client request
- Preparation and calculation of payroll. The calculation includes the following:
- Total gross salaries for the company and per employee
- Total net salaries to be paid by the company and per employee
- Total amount due to social insurance authorities and amount deducted from employee gross salary
- Total amount due to tax authorities and amount deducted from employee gross salary (PAYE)
- Total amount due to GHS and the amount deducted from each employee gross salary
- Submit to tax portal the IR7 (IR7 = yearly compulsory submission)
- Advise on special matters and cases
- Advise on matters relating to “benefits in kinds”
- Payments of any payroll amount due, as per client request
- net salaries payable to employees
- amount due to social insurance authority, including GHS
- amount due to tax authorities