Electronic Fiscal Devices
It’s about time to validate your transactions!
Does your organisation need a Fiscal Device?
According to the Tax Department of Cyprus, any person who operates a business is obliged to issue and secure legal invoices according to the new law and regulations. To secure this invoicing method and hold valid evidence, a Fiscal Electronic Signature Device is required. You can read the official announcement here (circular 21/2015).
What is Fiscal Electronic Instrument Marking (FIMS)?
It is a device which connects and synchronises to the existing equipment in order to communicate with the invoice issuing equipment. Each time an invoice is issued, FIMS creates a single unique number which is printed on the invoice but also recorded in an electronic filing system which communicates with the Tax Authorities.
What if your organisation does not comply?
Inspections from the Tax authorities are frequent in businesses of any size and nature all over Cyprus. According to the circular, “person who refuses, omits or neglects to issue a fee note, invoices of collection or fee note regarding cash or to keep files according to the regulations or issue fee notes and invoices in breach of the provisions of the regulations commits an offence and in case of conviction it is liable to pay a penalty up to 1700 euros or imprisonment up to 3 years or both penalties.
What we can offer you?
Bionic is one of the few providers in Cyprus which is authorised by the Local authorities and qualified to install and maintain Fiscal Devices. Those, can only be signed and maintained by one of the authorised organisations.
Would you like to discuss this topic further with us? Fill the form below and one of our consultants will contact you.