2.10 What is the effect on the financial statements of the selection that the entity NOT REGISTERED in Cyprus?

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The following sections will be affected on selecting that the entity is NOT REGISTERED in Cyprus:

Entry table - Change TEXT repeated numerous times in FS
STANDARDS AND LAWS - Laws and regulations are changed so as not to refer to the requirements of the Cyprus Companies Law, Cap. 113.

Auditor’s report

  • In case the financial statements are for a Branch then this is referred to as ’the Branch’ instead of ‘the Cyprus Branch’

  • The section ‘Report on other legal requirements’ is skipped

  • Reference to "Section 34 of the Auditors and Statutory Audits of Annual and Consolidated Accounts Laws of 2009 and 2013" is removed.

Taxation

  • References to special contribution for defence on notional dividends are removed.

  • Tax reconciliation part of tax note is skipped.

  • A line which states that dividends payable to non-residents of Cyprus are not subject to withholding tax is added.

  • The computations of defence and corporation tax are skipped