Tax Diary 2024
End of each month
- Payment of tax deducted from employee’s salary (P.A.Y.E.) in the preceding month.
- Payment of social Insurance and General Healthcare contribution (GHS) regarding the salaries of the preceding month.
- Payment of special contribution for defence withheld on payments of dividends, interest or rents (when the tenant is a company, partnership, the state or local authority) made to Cyprus tax residents and domicile individuals in the preceding month.
- Payment of General Health contributions withheld on payments of dividends, interest or rents (when the tenant is a company, partnership, the state or local authority) made to Cyprus tax residents individuals in the preceding month.
- Payment of tax withheld in the preceding month on payments to non-Cyprus residents.
- Submission of declaration of withheld Special Contribution for Defence and Notional Health Contribution from Interest relating to preceding month (TD602)
- Submission of declaration of withheld Special Contribution for Defence and Notional Health Contribution from Dividend relating to preceding month (TD603)
31 January
- Payment of special defence and general health contribution on any undistributed profits up to 70% of a company’s profits for the year preceding the previous year (31st December 2021). Submission of the TD623 – Deemed distribution declaration for the year preceding the previous year.
28 February
- Submission of the objections issued in December of the previous year.
31 March
- Electronic submission of a company’s income tax return (T.D.4) for the year preceding the previous year (2022).
- Electronic submission of the income tax return (T.D. 1) of physical persons preparing audited financial statements for the year preceding the previous year.
30 April
- Payment of premium tax for life insurance companies – 1st instalment of the current year.
31 May
- Electronic Submission of the employer’s return for the previous year (T.D.7)
30 June
- Payment of special contribution for defence and GHS for the first six months of the current year on rents if such tax is not withheld at source by the tenant and on dividends or interest from sources outside Cyprus.
31 July
- Payment of the 1st temporary tax instalment of the current year.
- Payment of the personal income tax and GHS contribution under a self-assessment method by individuals not preparing audited financial statements for the previous year (employees and self-employed)
- Electronic submission of income tax return (T.D. 1) for the previous year for both for both self-employed and employees, who have gross income that falls under Article 5 (includes dividends, interest and profits from share dealings and who are not obliged to prepare audited financial statements
1 August
- Payment of the final corporation tax under the self-assessment method for the previous year.
- Payment of the personal income tax under the self-assessment method by self-employed individuals preparing audited financial statements for the previous year.
31 August
- Payment of premium tax for life insurance companies – 2nd instalment of the current year.
31 December
- Payment of the 2nd and last temporary tax instalment of the current year.
- Deadline for the submission of the revised provisional tax return for the current year.
- Payment of special contribution for defence and GHS contribution, for the last six months of the current year, on rents if such tax is not withheld at source by the tenant and on dividends or interest from sources outside Cyprus
- Payment of premium tax for life insurance companies – 3rd and last instalment of the current year.
Within 30 days from the agreement’s date
- Stamp duty payments
Within 60 days from the date of change
- The tax department must be notified for any changes arise after the submission.
Interest and Penalties
The official interest rate, as set by the Finance Minister is 1,75% per annum for all amounts due after 1 January 2020 (2% for 2019, 3,5% for 2017-2018,4% for 2015-2016, 4,5% for 2014, 4,75% for 2013, 5% for years 2012 and 2011, 5,35% for the year 2010, 8% for the years 2007-2009 and 9% before 31 December 2006).
In addition to the interest, penalties are also charged depending on the circumstances.
Notes:
- A physical person is obligated to submit audited financial statements if his/her turnover exceeds €70.000 annually.
- The personal income tax returns can only be submitted electronically through Taxisnet. Manually submission is no longer permitted, except in cases of revised income tax returns.
- For tax years up to 2021, physical persons are required to submit personal tax returns only when their gross taxable income exceeds €19,500.