The income tax return filing period for individual income and
earnings for the 2013 calendar year started on 1 March 2014.
Between 1-25 March 2014, taxpayers should submit their tax
returns for business profits, agricultural profits, salaries and
wages, income from independent personal services, income from
immovable property and rights (rental income), income from movable
property (income from capital investments) and other income and
earnings without considering the source of the income collected in
the 2013 calendar year. The amount assessed in March is payable in
two equal instalments in March and July.
Taxpayers who are subject to actual basis income tax are
required to submit tax returns even if they don't generate an
income. Taxpayers are obligated to submit income tax returns for
their income from immovable property and rights, income from
movable property, salaries and wages and other income and earnings
without considering the source of income if the income and earnings
exceed certain amounts.
Income from immovable property rented as a residence is not
subject to any withholding. However, if the total rent income
collected in the 2013 calendar year exceeds TRY3,200, the taxpayer
is required to file a tax return. Income from immovable property
rented as a workplace is subject to tax return filing if the
taxpayer has no any other income and the total annual gross income
Another point to take into consideration is that half the income
from dividends from limited and joint stock companies is exempt
from tax. In this case, filing a tax return is required if the
other half of such income collected in 2013 exceeds TRY26,000.
Likewise, filing a tax return is required if the taxpayer gets paid
by more than one employer and the total income from wages and
salaries paid by employers, excluding the first employer, exceeds
TRY26,000. Taxpayers are able to pay any income tax due at banks
that are authorized for tax collection, at the tax office
affiliated with taxpayer or any tax office as long as the tax
office affiliated with taxpayer is informed. Guidebooks on the tax
return filing period are accessible on electronic media.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The Cyprus Tax Department recently issued Forms T.D 38, T.D 38Qa and T.D 38Qb applicable to individuals being Cyprus tax residents but non-Cyprus domiciled.
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