About the Establishment of an Inspection Service at the Ministry of Labor and Social Insurance

December 16, 2022 / English News Payroll

The Inspection Service was established based on Law L. 88(I)/2020 on the Establishment of an Inspection Service at the Ministry of Labour, Welfare and Social Insurance.

The task of the Inspection Service is to control the implementation of the provisions of any legislation for which the Ministry of Labor and Social Insurance is competent in terms of material, as provided by the Law under reference.

In order to carry out its work, the Service inspects and controls workplaces and carries out any necessary examination in every private or public workplace and/or in any other place where persons are likely to be employed (excluding any place used as a residence) in order to ensure the application of the provisions of the laws specified in Law 88(I)/2020.

Furthermore, the Inspection Service provides information, advice and training to employers and employees on the provisions of the relevant laws, as well as the most effective means of their implementation.

Relevant Legislations:

The 2020 Law on the Establishment of an Inspection Service at the Ministry of Labour, Welfare and Social Insurance (L. 88(I)/2020)
The Social Insurance (Contributions) (Amendment) Regulations of 2017 and Start of Operation of the “Ergani” Information System

Neoklis Epaminondou

Managing Director and Founder

Neoklis is the Managing Director and Founder of Epaminondou & Co Audit Services Ltd and Arlon Consultancy Ltd, bringing over two decades of experience in accounting, tax advisory, business consultancy, and relocation services. He is a licensed Audit Practitioner, an Approved Compliance Officer, a Payroll Specialist, and an ADIT student. Neoklis is renowned for delivering high-quality tax advisory services, alongside expert business analysis, risk assessment, and business relocation solutions.

In his advisory role, Neoklis has been instrumental in structuring M&A deals, conducting financial due diligence, preparing tax memos, and managing complex tax reporting for both local and international clients. He has also played a key role in assisting businesses with their relocation to Cyprus, leveraging the country’s attractive tax incentives as one of Europe’s leading business hubs.

Neoklis is a Fellow Chartered Certified Accountant (FCCA) and holds a Master’s in Finance and Investments from the University of Exeter. He is an active member of the Association of Chartered Certified Accountants (ACCA) and the Institute of Certified Public Accountants of Cyprus (ICPAC). Additionally, Neoklis is an honorary member of the Cyprus Payroll Association, an approved mediator, and an educational trainer. Recently, he obtained the Approved Compliance Officer Certificate (AML) from AICA and successfully passed the Cyprus tax paper as part of the ADIT Qualification.