ARTICLES  

2019 Temporary Tax Return

The second instalment of the 2019 temporary tax is due by the 31 December 2019. The 2019 temporary tax assessment can be revised any time before the 31 December 2019. If the revised amount is higher than when it was first declared there will be a 2% interest payable on the difference between the revised amount and the original amount of the first instalment only.

 

If the tax paid by the temporary tax return for the year is less than 75% of the final tax liability a 10% penalty is levied on the difference between the amount of tax payable and the amount of the tax paid.

 

If the tax paid by the temporary tax return for the year is more than the final tax liability a tax refund will be made, inclusive of interest, when the audited financial statements are agreed by the tax authorities.

Latest news

Extension to the filing date of tax returns

The following deadlines have been extended by the Cyprus government for the filing of tax returns by companies and individuals: The last date for the filing of an individual's tax return (IR1) for the year 2020 and settlement of any tax due will be 30 September 2021 without the imp...…

Published: Saturday 24 April, 2021

Extension for filing of corporate tax returns

On 12 March 2021 the Tax Department issued an announcement in relation to the extension of the deadlines for the submission of the 2019 corporate income tax return and the 2019 income tax return filed by individuals preparing audited Financial Statements. The above deadlines are extended to 30 Se...…

Published: Saturday 27 March, 2021

Interest and dividends – declarations through Taxisnet

There are new declarations on Taxisnet through which Special Defence Contributions and GESY should be recorded on the payment of interest and dividends. The printed forms 61AT and 61AM are now also available in electronic form and can be submitted through the Taxisnet as follows: …

Published: Wednesday 27 January, 2021