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Tax calendar


End of Each Month  

Payment of tax deducted from employees’ salaries (PAYE) during the previous month.Payment of defence contribution withheld from dividends, interest or rents payments (when the tenant is a company, partnership, the state or local authority), paid to Cyprus tax residents in the previous month. Payment of tax withheld on payments made to non-tax residents during the previous month.

31st of January 
  • Submission of declaration of deemed dividend distribution (IR623)  within two years after the year in which the profits are deemed to be  distributed
31st of March 
  • Electronic submissions of the corporation tax return for 2 years before  (IR4).
  • Submission of the income tax return of individuals preparing audited financial statements 2 years before.
30th of April 
  • Submission of personal tax returns (manual version) for the previous year for salaried individuals with income in excess of €19.500.
30th of June
  • Submission of personal income tax returns (manual version) for trading individuals  for the previous year who do not prepare audited financial statements and their income exceeds €19.500.
  • Payment of tax balance for the previous year  through self-assessment by individuals who do not prepare audited financial statements.
  • Payment of special defence contribution for the first half of the current year on rents and on dividends or interest received from sources outside Cyprus.
  • Payment of the annual return levy to the Registrar of Companies for the current year
31st of July
  • Electronic submission of employers return (IR7) for salaries paid in previous year.
  • Electronic submission of personal tax returns for the previous year for salaried individuals with income in excess of €19.500.
  • Submission of the  provisional tax return and payment of the first installment for the current year.
1st of August
  • Payment of the final personal income tax for the previous year (individuals preparing audited financial statements) and corporation tax (companies) using the self-assessment method.
30th of September
  • Electronic submission of personal tax returns for the previous year for individuals who do not prepare audited financial statements and their gross income does not exceed €19.500
  • Payment of immovable property tax for 2013.
31st of December
  • Payment of second installment of the provisional tax for the current year.
  • Payment of special defence contribution for the second half of the current year on rents and on dividends or interest from sources outside Cyprus.
  • Physical stock take to be undertaken
 The official interest rates, as set by the Finance Minister are as follows:
 
Period  %
   
From  01/01/ 2013 and 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
Until               31/12/2006 9.00
 Interest and Penalties
  • 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:1. Individuals are required to submit personal income tax returns only if their gross income exceeds €19.500.2. An Individual is obliged to submit audited financial statements only if his/her income is in excess of €70.000 annually.
For further details on these issues, please do not hesitate to contact us.

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16, Annis Komninis, P.O.Box 21480,    1060, Nicosia, Cyprus info@aggeorghiou.com.cy
Tel:+357-22769100  
Fax:+357-22769101

 

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