Answer ... The deadline for filing the corporate tax return (Form IR4) is 12 months after the year end. However, since the introduction of electronic filing of tax returns, this deadline has been extended to 15 months after the year end.

Cyprus tax resident entities must submit and pay their temporary tax estimation in two equal instalments by 31 July and 31 December each year. A 10% additional tax is imposed on the difference between the final tax liability and the temporary tax paid if the temporary tax paid is less than 75% of the final tax liability. The final tax liability must be settled by 1 August of the year following the tax year.

Any delayed payments or submissions of tax returns/declarations give rise to additional penalties and interest.

Answer ... The Assessment and Collections of Taxes Law imposes a wide array of penalties for non-compliance with tax obligations.

Answer ... As a full member state of the European Union, Cyprus participates in all required exchange of information initiatives. In addition, Cyprus participates in the Organisation for Economic Co-operation and Development’s country-by-country reporting and automatic exchange of information systems.