Deadline for the payment of the 2020 final Tax Liability, via self -assessment.
The Minister of Finance, exercising the powers conferred to him by the provisions of Article 5 (1) of the Assessment and Collection of Taxes Law, issued a decree, which was published on 30 July 2021, in the Official Gazette of the Republic (Decision No. 5578 - K.Δ.Π. 343 / 2021), which extends the deadline for the payment of the tax year 2020 income tax liability of Companies and Self-Employed individuals with turnover above EUR 70,000 and who have the obligation to submit audited accounts.
Specifically, the said decree provides an extension to the payment of the 2020 income tax liability, as per the submitted 2020 TD4, via self-assessment by 30 September 2021 (previously 1 August 2021).
Extension to the deadline for submission of personal Income tax returns and payment of the due liability.
Further to our previous Tax Alert issued on 23rd of July 2021 relating to the intention of the Minister of Finance to extend the deadline for submission of 2020 personal Income Tax Return (Form T.D.1), we would like to inform you that the relevant decree has now been issued and has been published on 30 July 2021, in the Official Gazette of the Republic (Decision No. 5878 – Κ.Δ.Π. 342/2021).
Specifically, the relevant decree states that the deadline for the electronic submission of the 2020 personal income Tax Returns (FormT.D.1) for employees and pensioners, whose total gross annual income exceeds €19.500 as well as for self-employed (Form T.D.1 self-employed), with turnover below EUR 70,000 and who do not have the obligation to submit audited accounts, has been extended from 30 September 2021 to 30 November 2021.
EY Cyprus is at your disposal for any information and/or clarifications required.
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.
