NAK audit

We Add Value to Your Business

Professional services that your business needs to elevate to the next level 

Mission Statement

Our mission is to illuminate the path to financial integrity and transparency and deliver value beyond expectations to our clients. With unwavering dedication to excellence, we partner with organizations to provide meticulous and insightful auditing, tax and advisory services. We go beyond numbers, delving deep to uncover the stories behind the data, ensuring compliance, identifying opportunities, and empowering informed decisions. Through our commitment to precision, ethics, and innovation, we help businesses build trust, drive growth, and navigate confidently in an ever-evolving financial landscape.

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Our Team

Neofytos Apostolou

Managing Director

Neofytos Apostolou

Managing Director

Neophytos has been good with numbers since an early stage being a member of the Cyprus mathematical team in high school and has received several awards in national competitions. He graduated with honours from the University of Manchester in 2013 with a BSc in Accounting. He is a holder of dual professional qualifications from both the Association of Certified Chartered Accountants (ACCA) in 2016 and the Institute of Chartered Accountants of England and Wales (ICAEW) in 2018.

He joined EY Cyprus in 2013, where he worked for 7 years and gained valuable experience across various sectors. He specialised in the shipping industry, where he was involved in Group Audit of one of the largest shipowners in the world. He was also involved in IFRS projects and trainings and had extensive knowledge of IFRS.

In further pursuit of his development, he joined an Asset Management Firm as a financial controller and gained significant experience in the finance sector and reporting. He then joined a smaller audit firm, where he was responsible for the management of a portfolio of clients from various industries, such as retail, construction, technology services and hospitality.

Neophytos is a full member of the Institute of Certified Public Accountants and is a registered and licenced auditor.

Since 2022, he is the managing director of NAK AUDIT Ltd.

Michalis Kasparis

Non-Executive Director

Michalis Kasparis

Non-Executive Director

Michalis graduated from University of Caen in France with a BSc in Social and Economic Administration and obtained an MSc Financing of Small and Medium Business in the Banking Sector from the University of Tours.
He gained experience as an accountant in Retail and Shipping Companies for 8 years. Michalis then joined EY Cyprus where he acquired vast experience working there for 23 years. There, he managed to work in various department gaining wholistic knowledge, with 15 years in Audit and Assurance, 5 years in Tax Compliance and Accounting and 3 years in VAT.

He has significant expertise in Liquidations, Shipping, Retail and Hospitality industries. Michalis currently has his own business providing accounting and advisory services to clients. Michalis was acting as president of LIONS CLUB during the years 2020-2022. Furthermore, he is acting as president of Koilani Community Group since 2018.

Why Cyprus

Investing in Cyprus offers a unique blend of strategic advantages and potential opportunities that make it an appealing destination for investors. With its favorable tax regime, well-established legal framework, and strategic geographic location at the crossroads of Europe, Asia, and Africa, Cyprus provides a gateway for businesses to access and serve diverse markets. The country’s skilled and multilingual workforce, coupled with a robust financial sector, fosters an environment conducive to innovation and growth. Moreover, Cyprus boasts a stable political environment, modern infrastructure, and a high quality of life, making it an attractive destination for investors looking to establish a presence in the European Union. From real estate and tourism to financial services and technology, Cyprus offers a range of sectors with untapped potential, making it a compelling choice for those seeking promising investment opportunities.

Contact Us

Don't hesitate to contact us

info@nakaudit.com

+357 25256767

Latest News

Extension of the submission deadline for income tax return for individuals

Extension of the submission deadline for income tax return for individuals

Extension of the submission deadline for income tax return for individuals According to the announcement by the Ministry of Finance, the deadline for the submission of the Individual Income Tax Return for the year 2022 and the payment of any due taxes/contributions based on the Return is extended until October 31, 2023. It is reminded that the obligation to submit the Individual Income Tax Return for 2022 applies to Salaried Individuals, Pensioners, and Self-Employed individuals whose gross total income for the year 2022 exceeds 19,500 euros. The submission of the Return is ONLY done electronically through the TAXISnet – Direct Taxation service at https://taxisnet.mof.gov.cy. Late submission results in a penalty of €100 and a fine of €17 per day as long as the failure continues, or imprisonment for a term not exceeding 12 months, or both. For assistance on the submission of the aforementioned Income TAX Return do not hesitate to contact us via email or via telephone on 25256767. Share it on social media Contact Us Don’t hesitate to contact us Name Email Subject Send

Income tax amendment to Article 8(23A) of 50% tax relief for first employment in Cyprus

Income tax amendment to Article 8(23A) of 50% tax relief for first employment in Cyprus

Income tax amendment to Article 8(23A) of 50% tax relief for first employment in Cyprus On 30th June 2023 the Cyprus Parliament voted further amendments to Income Tax Law provisions of Article 8 (23A). The amendments are applied retrospectively from 1st January 2022. The tax relief for a person commencing employment in Cyprus is amended whereby the taxpayer should not have been resident in Cyprus for a period of 15 consecutive years prior to his/her employment, instead of 10 that was previously the law. The exception is applied for 17 years or until the abolishment of this section of the law, whenever occurs earlier, starting from the tax year first employed in Cyprus. The relief is provided to any year the income from employment in Cyprus is higher than €55.000 regardless the income at any point is reduced below €55.000, given that at the first or second year of employment in Cyprus the income was above €55.000 and the commissioner is satisfied that the change in remuneration is not intended to exploit the relief. The 50% exemption on income tax is granted to individuals, who meet the conditions for the exemption, even if they change employer – the exemption was previously only granted for the first employment in Cyprus whereas change of employer resulted to termination of the exemption. For the purposes of this paragraph, a person is considered to have a ‘commencement of first employment in the Republic’ when, for the first time, after a period of fifteen (15) consecutive tax years during which they did not engage in any salaried employment in the Republic, they commence engaging in salaried employment in the Republic either with an employer resident in the Republic or with a non-resident employer, and the term ‘first employment in the Republic’ is interpreted accordingly: Furthermore, it is understood that, regardless of the year in which the first employment in the Republic commences, the provisions of this paragraph apply from January 1st, 2022, until the completion of a period of seventeen (17) consecutive tax years or until the abolishment of this paragraph, whichever occurs earlier, beginning from the tax year in which the first employment in the Republic commenced for an individual who has continuous employment in the Republic from the year of the commencement of their first employment up to and including the tax year 2021, and for a minimum period of fifteen (15) consecutive years immediately before the commencement of their first employment in the Republic, they were not residents of the Republic, and: (i) benefited from the exemption provided for in paragraph (23) of Income Tax Law; or (ii) whose first employment in the Republic commenced between the years 2016 and 2021, with a remuneration exceeding fifty-five thousand euros (€55,000) annually; or (iii) whose first employment in the Republic commenced between the years 2016 and 2021, with a remuneration not exceeding fifty-five thousand euros (€55,000) annually and within a period of six (6) months from the date of publication in the Official Gazette of the Republic of the amending Income Tax (Amendment) (No. 6) Law of 2022, the remuneration exceeds fifty-five thousand euros (€55,000) annually: Furthermore, it is understood that: (i) in cases where the exemption provided for in this paragraph is granted, the exemptions provided for in paragraphs (21), (21A), and (23) of Income Tax Law are not granted; (ii) the exemption is granted to each individual, once for their lifetime, for the years during which the provisions of this paragraph apply; Furthermore, it is further understood that, irrespective of the other provisions of this paragraph, a person who was entitled to the exemption provided in accordance with the provisions of this paragraph before the date of publication of the Income Tax (Amendment) Law of 2023, continues to benefit from the exemption of fifty percent (50%) of the remuneration from the first employment, provided that the conditions of this paragraph are satisfied as they were in force before the date of publication of the Income Tax (Amendment) Law of 2023. Share it on social media Contact Us Don’t hesitate to contact us Name Email Subject Send

Submission of individual tax declaration (TD1) for 2022

Submission of individual tax declaration (TD1) for 2022

Submission of individual tax declaration (TD1) for 2022 The final due date for submission of income tax declaration for individuals (TD1) for 2022 and payment of the tax due is 2nd of October 2023. The requirement for submission of income tax declaration for 2022 lies with employees, pension receivers and self-employed individuals for which the gross total income for the year 2022 exceeds €19.500. The income tax declaration is submitted through Taxisnet system at the address https://taxisnet.mof.gov.cy. For assistance on the submission of the aforementioned Declaration feel free to contact us. Share it on social media Contact Us Don’t hesitate to contact us Name Email Subject Send