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Within 30 days

  • Payments of Capital Gains Tax.

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)

At the End of Each Month

  • Payment of tax deduced from employees salary for the previous month (P.A.Y.E) (IR61).
  • Payment of special contribution for defence withheld on payments of dividends, interest or rents made to Cyprus tax residents during the previous month. (When the tenant is a company, partnership, the state or local authority) (IR601).
  • Payment of tax withheld in the preceding month on payments to non-Cyprus tax residents.
  • Payment of Social insurance deducted from employees emoluments for previous month (Y.K.A. 2-002).

31st Of January

  • Submission of the deemed dividend distribution declaration (IR623) for the year ended 31 December 2011.
 

31st of March

  • Electronic submissions of year 2012 tax returns for companies and individuals preparing audited financial statements. (IR1 & IR4).

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).
 

30th of June

  • Submission of personal tax return (not electronic version) for 2013 by trading individuals who do not prepare audited accounts if their gross income exceeds 19.500 (deadline extended by 3 months in case of electronic submission) (IR1).
  • Payment of tax balance for 2013 through self- assessment by individuals who do not prepare audited accounts.
  • Payment of special contribution for defence in relation to rents, dividends or interests from sources outside Cyprus for the first half of 2014 (IR601).

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.
 

1st   of August

  •  Payment of 2013 tax balance through self- assessment by individuals and companies preparing audited accounts (IR158).

 

30th September

  • 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.

 

 

31st   of December

  • Submissions (not electronic) of year 2013 tax returns for companies and individuals preparing audited financial statements. (deadline extended by 3 months in case of electronic submission) (IR1 & IR4).
  • Second installment payment of year 2014 provisional tax.
  • Payment of special defence contribution for the second half of 2014 on rents and on dividends or interest from sources outside Cyprus.

 

Interest and Penalties

  • The official interest rates, as set by the Finance Minister are as follows:

Periods                                      %
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.

Notes:

  • 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.