End of each month

  • Payment of tax deducted from employees salary (P.A.Y.E.) in the preceding month.
  • Payment of special contribution for defense 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 in the preceding month.
  • Payment of tax withheld in the preceding month on payments to non-Cyprus residents.

31 January

  • Submission of declaration of deemed dividend distribution (IR623) for the year preceding the previous year.

31 March

  • Electronic submission of corporation tax return (IR4) for the year proceeding the previous year.
  • Electronic submission of the income tax return of physical persons preparing audited financial statements for the year preceding the previous year (2).

30 April

  • Payment of premium tax for life insurance companies – first installment for the current year.

30 June

  • Payment of special contribution for defense tax for the first six months of the current year on rents if such tax is not withheld at source by tenant and on dividends or interest from sources outside Cyprus.
  • Payment of personal income tax for the previous year under the self-assessment method by individuals not preparing audited financial statements (2).

31 July

  • Electronic submission by employers of the total payroll (Form IR7) for the previous year.
  • Submission of provisional tax return and payment of the first installment for the current year.
  • Electronic submission of personal tax returns of individuals for the previous year whose incomes do not include income from a trade/business, rents, dividends, interest, royalties nor income relating to trading of goodwill (1).

1 August

  • Payment of the final corporation tax under the self-assessment method for the previous year.
  • Payment of personal income tax under the self-assessment method for the previous year by individuals preparing audited financial statements (2).

31 August

  • Payment of premium tax for life insurance companies – second installment for the current year.

31 December

  • Payment of provisional tax – second and last installment for the current year.
  • Payment of special contribution for defense for the last six months of the current year on rents if such tax is not withheld at source by tenant individuals and on dividends or interest from sources outside Cyprus.
  • Payment of premium tax for life insurance companies – third and last installment for the current year.
  • Electronic submission of the Country by Country notification (CbC) report of the current year (for Multinational Enterprises (MNE) group companies).
  • Electronic submission of the Country by Country (CbC) report of the previous year (for Multinational Enterprises (MNE) group companies).

Interest and Penalties

The official interest rate, as set by the Finance Minister, is 3,5% per annum for all amounts due after 1 January 2018 (3,5% for 2017,4% 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:

  1. Physical persons are required to submit personal tax returns only when their income exceeds €19.500.
  2. A physical person is obligated to submit audited financial statements if his/her turnover exceeds €70.000 annually.

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