Cyprus Tax Facts 2021 - Tax Due Dates
END OF FOLLOWING MONTH - Payment of tax deducted from employees salary (PAYE). Payment of Social Insurance deducted from employees salary. Payment of NHS contributions. Payment of special contribution for defence ...
Cyprus
Tax
END OF FOLLOWING MONTH |
- Payment of tax deducted from employees salary (PAYE).
- Payment of Social Insurance deducted from employees
salary.
- Payment of NHS contributions.
- Payment of special contribution for defence on dividends and
interest received in the preceding month.
- Payment of Tax withheld on payments to non-Cyprus residents
(i.e. artists, performers).
- Payment of Special Contribution for defence withheld on
payments of rents in Cyprus.
|
WITHIN 60 DAYS |
- Obtaining a Tax Identification Code: Following the registration
or incorporation of a company with the Registrar of Companies, the
company is obliged to submit an application for registration with
the Inland Revenue Department. Similar rules apply in the case of
companies incorporated outside Cyprus that become tax resident of
Cyprus.
|
31 JANUARY |
- Submission of declarations of deemed dividend distribution
(auditor and director's declaration or IR623 forms) and payment
of relevant SDC.
|
31 MARCH |
- Submission of 2019 tax return (IR4) for companies via the
electronic Taxisnet system.
- Submission of 2019 tax return (IR1SE) for physical persons
preparing audited financial statements via the electronic taxisnet
system.
|
30 APRIL |
- Payment of premium tax for life insurance companies –
first installment.
|
30 MAY |
- Submission by employers of the Employer's Return of the
previous year (Form IR7) electronically via Taxisnet System.
|
30 JUNE |
- Submission of previous year's personal tax returns of
self-employed individuals not preparing audited financial
statements – see notes (1) and (2) below
- Payment of special contribution for defence for the first six
months of the year.
- Payment of the annual levy to the Registrar of Companies.
|
31 JULY |
- Submission of the previous year personal income tax returns
(IR1) of individuals (electronically via Taxisnet system) - see
note (1) below.
- Payment of personal tax under self assessment method.
- Submission of provisional tax declaration and payment of first
installment (out of two) of provisional tax for the year.
|
1 AUGUST |
- Payment of previous year's final corporation tax under the
self-assessment method.
- Payment of previous year's income tax under the self
assessment statements – see note (2) below.
|
31 AUGUST |
- Payment of premium tax for life insurance companies - second
installment.
|
30 SEPTEMBER |
- Payment of immovable property tax for the year.
|
31 DECEMBER |
- Payment of provisional tax – second and last
installment.
- Payment of special contribution for defence for the last six
months of the year.
- Payment of premium tax for life insurance companies- third and
last installment.
|
Notes
(1) Physical persons submit returns only where they have income
to report irrespective of whether such income exceeds euro 19.500
or not.
As from the tax year 2017 online tax return submission is
mandatory for all tax registered individuals.
(2) A physical person is obliged to submit audited financial
statements if his/her annual turnover exceeds the amount of
€70.000.
Originally published 03 February 2021
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.