Our philosophy is to keep things easy and simple and therefore it has been designed to that extent.

It has a user friendly interface with simplified menus so that the payroll becomes a pleasant task. We do not need to say anything more… just joins us and run your payroll from anywhere, any place 24/7. The result will be yours!

CyPay Cloud Payroll Application

Software addressed to accounting offices running payrolls for their clients and also companies running their own payroll.

IR59/TD59, IR63/TD63,IR61/TD61, IR7/TD7

All forms of Income Tax related to payroll are automated and autofilled

Database and Management

Database and management for all kind of leave (annual, sick, parenting, maternity, army and unpaid leave) and connection with payroll

Batch Reporting

Batch reporting for a selection of employees and selection of period (payslips, all kind of leave, special contribution, notional benefit, overtime, sales commission, IR63/TD63 and other reports)

Special Contribution

Automated calculation of special contribution for income of employees from multiple sources(up to and including year 2016 only)

Latest News and Announcements

Features

CyPay Overview Video

Click to watch

Recent news and Information

Managing and running a business is a complex multitask and its success will depend on certain key areas; Human resource is one of these key areas that management should consider seriously. To this effect, we have put our knowledge and experience to deliver you “Payroll®” that will help you meet the needs of your employees. Payroll® prepares and manages payrolls based on Cyprus legislation by using “cloud” technology. What is needed is internet access and you can start working immediately from any place at any time 24/7.
We have the privilege of working with some of the most well known companies in Cyprus and we don’t take this lightly. Our clients engage us in a number of ways—we help them solve business problems, increase visibility and help them thrive in a networked world where customers and employees have become increasingly empowered. We view our clients as partners and work collaboratively with them to achieve results they can measure.

Features of CyPay

  • Software addressed to accounting offices running payrolls for their clients and also companies running their own payroll. Internet access needed.
  • Cloud computing
  • Security of data
  • Unlimited employers, unlimited employees
  • Access from any place at any time 24/7 with internet access
  • Super admin code for every license for creating, allocating and removing users for running payroll
  • Users/accountants can work simultaneously in same employer/payroll period
  • Employer (customer) can see payroll progress real time without visiting his accountant(IR61/TD61, IR63/TD63, payslips, time tables, social insurance forms, bank instructions)
  • CyPay is extremely user friendly. Simplified menus, minimum clicks required for performing any payroll function
  • CyPay for monthly, weekly and hourly paid employees combined with overtime, sales commission
  • Database for all employees
  • Database and management for all kind of leave (annual, sick, parenting, maternity, army and unpaid leave) and connection with payroll
  • Constantly gives messages to user (when needed) in order to avoid mistakes in payroll
  • Automated calculation of special contribution for income of employees from multiple sources(up to year 2016 only)
  • Automated calculation of notional benefits for directors
  • Automated calculation of overtime (different rates for different hours for different employees)
  • Automated calculation of IR59/TD59 and constantly updated calculations considering salary increase, income from other sources, special contribution, notional benefits, overtime and sales commission
  • Closure of payroll periods and possibility for edit
  • All forms of Income Tax related to payroll are automated and autofilled (IR59/TD59, IR63/TD63,IR61/TD61,IR7/TD7)
  • All forms of Social Insurance Office are automated and autofilled(…)
  • Automated export of IR7/TD7 in XML file and submission to Taxisnet with one click
  • Batch reporting for a selection of employees and selection of period (payslips, all kind of leave, special contribution, notional benefit, overtime, sales commission,IR63/TD63 and other reports)
  • Customized reports
  • Accounting entries report
Software addressed to accounting offices running payrolls for their clients and also companies running their own payroll. Internet access needed.
Cloud computing
Security of data
Unlimited employers, unlimited employees
Access from any place at any time 24/7 with internet access
Super admin code for every license for creating, allocating and removing users for running payroll
Users/accountants can work simultaneously in same employer/payroll period
Employer (customer) can see payroll progress real time without visiting his accountant (IR61, IR63, payslips, time tables, social insurance forms, bank instructions)
CyPay is extremely user friendly. Simplified menus, minimum clicks required for performing any payroll function
CyPay for monthly, weekly and hourly paid employees combined with overtime, sales commission
Data basis for all employees
Database and management for all kind of leave (annual, sick, parenting, maternity, army and unpaid leave) and connection with payroll
Constantly gives messages to user (when needed) in order to avoid mistakes in payroll
Automated calculation of special contribution for income of employees from multiple sources
Automated calculation of notional benefits for directors
Automated calculation of overtime (different rates for different hours for different employees)
Automated calculation of IR59 and constantly updated calculations considering salary increase, income from other sources, special contribution, notional benefits, overtime and sales commission
Closure of payroll periods and possibility for edit
All forms of Income Tax related to payroll are automated and autofilled (IR59, IR63,IR61, IR7)
All forms of Social Insurance Office are automated and autofilled(…)
Payment of salaries with auto filled bank instructions and auto filled of checks
Automated export of IR7 in XML file and submission to Taxisnet with one click
Batch reporting for a selection of employees and selection of period (payslips, all kind of leave, special contribution, notional benefit, overtime, sales commission, IR63 and other reports)
Customized reports
Accounting entries report

Social Insurance and Tax rates

 Income Tax Rates for 2013  
Yearly Taxable Income
Tax rate
Tax
Cumulative Tax
 
 
%
 0
-
19.500
0%
0
0
19.501
-
28.000
20%
1.700
1.700
 28.001
-
36.300
25%
2.075
3.775
 36.301
-
60.000
30%
7.110
10.885
 60.001
-
and over
35%
 
 Special Contribution for 2013
 Gross Monthly Salary
Tax Rate
Tax
Cumulative Tax
 
 
%
 0
-
2.500
 0%
0
0
 2.501
-
3.500
2,5%
25(*)
25
 3.501
-
4.500
3.0%
30
55
 4.501
-
and over
3,5%
 (*) Minimum Amount is € 10
 
 Social Insurance Rates for 2013
 Contributions
Employer
Employee
Self Employed
 
%
%
%
  Social Insurance Fund
6,8
6,8
12,6
  Redundancy Fund
1,2
-
-
  Industrial Training Fund
0,5
-
-
  Social Cohesion Fund
2,0(*)
-
-
 
 Upper limits for employees
 
Per Week
(From 7/1/2013)

Per Month
Per Annum
  Weekly Employees
1.046
54.392
  Monthly Employees
4.533
54.396
 (*) No upper limit for Social Cohesion Fund

 Income Tax Rates for 2014-2016  
 Yearly Taxable Income
Tax rate
Tax
Cumulative Tax
 
 
%
 0
-
19.500
0%
0
0
19.501
-
28.000
20%
1.700
1.700
 28.001
-
36.300
25%
2.075
3.775
 36.301
-
60.000
30%
7.110
10.885
 60.001
-
and over
35%
 
 Special Contribution for 2014-2016
 Gross Monthly Salary
Tax Rate
Tax
Cumulative Tax
 
 
%
 0
-
1.500
0%
0
0
 1.501
-
2.500
2,5%
25(*)
25
 2.501
-
3.500
3,0%
30
55
 3.501
-
and over
3,5%
 (*) Minimum Amount is € 10
 
 Social Insurance Rates for 2014-2016
 Contributions
Employer
Employee
Self Employed
 
%
%
%
  Social Insurance Fund
7,8
7,8
14,6
  Redundancy Fund
1,2
-
-
  Industrial Training Fund
0,5
-
-
  Social Cohesion Fund
2,0(*)
-
-
 
  Upper limits for employees
 
Per Week
(From 7/1/2013)

Per Month
Per Annum
  Weekly Employees
1.046
54.392
  Monthly Employees
4.533
54.396
  (*) No upper limit for Social Cohesion Fund

 Income Tax Rates for 2017 - 2018  
 Yearly Taxable Income
Tax rate
Tax
Cumulative Tax
 
 
%
 0
-
19.500
0%
0
0
19.501
-
28.000
20%
1.700
1.700
 28.001
-
36.300
25%
2.075
3.775
 36.301
-
60.000
30%
7.110
10.885
 60.001
-
and over
35%
 
 Social Insurance Rates for 2017 - 2018
 Contributions
Employer
Employee
Self Employed
 
%
%
%
  Social Insurance Fund
7,8
7,8
14,6
  Redundancy Fund
1,2
-
-
  Industrial Training Fund
0,5
-
-
  Social Cohesion Fund
2,0(*)
-
-
 
  Upper limits for employees
 
Per Week
(From 7/1/2013)

Per Month
Per Annum
  Weekly Employees
1.046
54.392
  Monthly Employees
4.533
54.396
  (*) No upper limit for Social Cohesion Fund

 Income Tax Rates for 2019  
 Yearly Taxable Income
Tax rate
Tax
Cumulative Tax
 
 
%
 0
-
19.500
0%
0
0
19.501
-
28.000
20%
1.700
1.700
 28.001
-
36.300
25%
2.075
3.775
 36.301
-
60.000
30%
7.110
10.885
 60.001
-
and over
35%
 
 Social Insurance Rates for 2019
 Contributions
Employer
Employee
Self Employed
 
%
%
%
  Social Insurance Fund
8,3
8,3
15,6
  Redundancy Fund
1,2
-
-
  Industrial Training Fund
0,5
-
-
  Social Cohesion Fund
2,0(*)
-
-
  National Health Insurance (01/03/2019-28/02/2020)
1,85(**)
1,7(**)
2,55(**)
 
  Upper limits for employees
 
Per Week
(From 7/1/2019)

Per Month
Per Annum
  Weekly Employees
1.051
54.652
  Monthly Employees
4.554
54.648
  (*) No upper limit Fund
  (**) Up to €180.000.

 Income Tax Rates for 2020  
 Yearly Taxable Income
Tax rate
Tax
Cumulative Tax
 
 
%
 0
-
19.500
0%
0
0
19.501
-
28.000
20%
1.700
1.700
 28.001
-
36.300
25%
2.075
3.775
 36.301
-
60.000
30%
7.110
10.885
 60.001
-
and over
35%
 
 Social Insurance Rates for 2020
 Contributions
Employer
Employee
Self Employed
 
%
%
%
  Social Insurance Fund
8,3
8,3
15,6
  Redundancy Fund
1,2
-
-
  Industrial Training Fund
0,5
-
-
  Social Cohesion Fund
2,0(*)
-
-
  National Health Insurance (01/03/2020-onwards)
2,90(**)
2,65(**)
4,00(**)
 
  Upper limits for employees
 
Per Week
(From 7/1/2019)

Per Month
Per Annum
  Weekly Employees
1.055
54.860
  Monthly Employees
4.572
54.864
  (*) No upper limit Fund
  (**) Up to €180.000.

 Income Tax Rates for 2021  
 Yearly Taxable Income
Tax rate
Tax
Cumulative Tax
 
 
%
 0
-
19.500
0%
0
0
19.501
-
28.000
20%
1.700
1.700
 28.001
-
36.300
25%
2.075
3.775
 36.301
-
60.000
30%
7.110
10.885
 60.001
-
and over
35%
 
 Social Insurance Rates for 2020
 Contributions
Employer
Employee
Self Employed
 
%
%
%
  Social Insurance Fund
8,3
8,3
15,6
  Redundancy Fund
1,2
-
-
  Industrial Training Fund
0,5
-
-
  Social Cohesion Fund
2,0(*)
-
-
  National Health Insurance
2,90(**)
2,65(**)
4,00(**)
 
  Upper limits for employees
 
Per Week
(From 7/1/2019)

Per Month
Per Annum
  Weekly Employees
1.104
57.408
  Monthly Employees
4.784
57.408
  (*) No upper limit Fund
  (**) Up to €180.000.

Tax Calculus

Tax Calculus Overview Video

Click to watch

Tax Calculus is a unique and first of its kind application for calculating a Cyprus company’s penalties on taxes payable for tax years 2008 onwards; the penalties will vary for every type of tax and case and also according to the method used i.e. if the tax will be paid either by “self-assessment” or by “assessment issued”.

It is addressed for accounting, audit and fiduciary services firms. More specifically it enables professionals to

a.

calculate their clients’ taxes payable (including interest, monetary charge 5%, additional tax 5% etc) to be paid at a scheduled date of their choice and also

b.

print the relevant calculations and forms (if paid by self-assessment) as the case might be.

The application can be used for calculating penalties on taxes payable for companies only and for the following type of taxes

Cyprus Corporation Tax
Cyprus Special Defence Contribution
Cyprus P.A.Y.E. / Special Contribution (applicable up to year 2016)
Cyprus Withholding Tax

Paying taxes has never been easier! Try it.

 

Get in Touch

Office/Courier

4 Naxou str, 1st Fl.,
Office 101, 1070 Nicosia

Postal Address

P.O.Box 20657,
1661 Nicosia

Phone:

Tel: 22 768555
Fax: 22 767467

Email:

info@MyCyPay.com