Individuals must file their income tax returns not later than April 30th after the end of each year. This date is extended to December 31st in the case of taxpayers submitting accounts with their returns.
Every individual who is required to submit a return of income is also required to submit a statement of assets and liabilities (capital statement) every five years. This statement should include private and business assets whether in Cyprus or abroad, including those of unmarried children under eighteen and those of the spouse who has no chargeable income. Foreign individuals liable to tax at reduced rates, e.g. foreign employees of offshore companies, are not required to submit a capital statement.
The due dates of payment of income tax, the additional sum and interest payable on unpaid tax as well as the current payment of tax are the same as those for companies.
The Inland Revenue has special powers with regard to the collection of tax from persons about to leave Cyprus and may require security for payment of the tax. A non citizen may also be prevented, by Court Order, from leaving Cyprus unless the tax due is paid.
Any tax paid (by deduction or otherwise) in excess of the taxpayer's proper liability may be repaid with interest at 9% p.a. as from 1st January following the year of assessment. A claim for repayment must be made within six years from the end of the relevant year of assessment.
This information was correct as of 14 January 1997.
The content of this article are intended to provide a general guide to the subject matter. Specialist advice should be obtained before any action is taken.
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