Within 60 days
- Obtaining a Tax Identification Code: Following the registration or incorporation of a company with Registrar of Companies, the company is obliged to submit an application for registration with the Inland Revenue Department. Similar rules apply in the case of companies incorporated outside Cyprus that become tax resident of Cyprus(IR162)
31st Of January
- Submission of the deemed dividend distribution declaration (IR623) for the year ended 31 December 2011.
30th of April
- Submission of personal tax returns for 2013 by salaried individuals whose gross income exceeds 19.500 (deadline extended by 3 months in case of electronic submission) (IR1).
- Submission of employers return and employees details for 2013 (IR7).
31st of July
- Electronic submission of personal tax returns for 2013 by salaried individuals whose gross income exceeds 19.500 (IR1).
- Electronic submission of employers return (IR7) for salaries paid in year 2013.
- Submission of provisional tax assessment (IR6) for year 2014 and payment of the first installment.
- Electronic submission of 2013 personal tax returns for individuals who do not prepare audited financial statements and their gross income exceed 19.500
- Immovable property tax payment for year 2013.
Interest and Penalties
- The official interest rates, as set by the Finance Minister are as follows:
01/01/2013 -- onwards 4,75
01/01/2011 31/12/2012 5,00
01/01/2010 31/12/2010 5,35
01/01/2007 31/12/2009 8,00
Up to 31/12/2006 9,00
- Penalties of 100 or 200, depending on the case, are imposed for late submission of declarations or late submission of supporting documentation requested by the Inland Revenue Office.
- In the case of late payment of tax due, an additional levy of 5% on the unpaid tax is imposed.
- Individuals are required to submit personal income tax returns only if their gross income exceeds 19.500.
- An Individual is obliged to submit audited financial statements only if his/her income is in excess of 70.000 annually.