tax

Tax Calendar

The payment of taxes is our responsibility and we provide the following tax calendar for your information only. Let us submit your tax returns and pay the taxes on your behalf while you deal with the running of your business.

End of each month

  • Payment of tax deducted from employees salary (PAYE) in the preceding month.
  • Payment of special contribution for defense on dividends,interest or rents received in the preceding month.
  • Payment of tax withheld on payments to non-Cyprus residents in the preceding month.

31 January

  • Submission of declaration of deemed dividend distribution (IR623) for the year ended 31 December 2012.

31 March

  • Electronic submission of the 2013 corporation tax return (IR4) for accounting periods ending on 31 December 2013
  • Electronic submission of the 2013 income tax return of physical persons preparing audited financial statements.

30 April

  • Payment of premium tax for life insurance companies - first installment for 2015

30 June

  • Payment of special contribution for defence for the first six months of 2014 on rents and on dividends or interest from sources outside Cyprus.
  • Payment of 2014 personal income tax under the self assessment method by individuals not preparing audited financial statements

31 July

  • Electronic submission by employers of the total 2014 payroll (Form IR7).
  • Submission of the 2015 provisional tax return and payment of the first instalment.
  • Electronic submission of 2014 personal tax returns of individuals whose incomes do not include income from a trade/business, rents, dividends, interest, royalties nor income relating to trading goodwill

1 Αugust

  • Payment of 2014 final corporation tax under the self-assessment method
  • Payment of 2014 personal income tax under the self assessment method by individuals preparing audited financial statements.

31 Αugust

  • Payment of premium tax for life insurance companies - second instalment for 2015.
  • Payment of immovable property tax for 2015 with a discount of 10% on the tax due.

30 September

  • Submission of 2014 personal tax returns of individuals not required to prepare audited financial statements but whose incomes include income from a trade/business, rents, dividends, interest, royalties or income relating to trading goodwill and payment of tax via the self-assessment method.
  • Payment of immovable property tax for 2015

31 December

  • Payment of provisional tax - third and last instalment for 2015
  • Payment of special contribution for defense for the last six months of 2015 on rents and on dividends or interest from sources outside Cyprus
  • Payment of premium tax for life insurance companies - third and last instalment for 2015.

Notes

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

Interest and Penalties

The official interest rate, as set by the Finance Minister, for all amounts due after 1 January 2015 is 4% (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% up to 31 December 2006).

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Tax Facts 2016

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Contact infoOur Location and Phone Numbers

  Thaleias 3, 2nd floor, Office 213-214, Limassol 3011, Cyprus

  www.catsialoupis.com

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  +357 2595 2565

Fax   +357 2595 2505