Services
Tax Diary
End of each month | Tax deducted (PAYE) from employees’ | TD61 |
Payment of tax withheld on payments | TD11 | |
Payment of SDC (and GHS contributions if payment is made to a Cyprus tax resident individual) withheld on dividends and interest paid in the previous month to Cyprus tax residents | TD603 | |
31 January | Submission of the deemed dividend distribution declaration for the year 2021 | TD623 |
31 March | Electronic submission of 2022 income tax | TD1/TD4 |
30 April | Payment of the 1st instalment of the premium tax of life insurance companies for 2024 | TD199 |
31 May | Electronic submission of the 2023 employer’s return | TD7 |
30 June | Payment of Special Contribution for | Through Tax |
Payment of SDC(and GHS contributions if payment is made to a Cyprus tax resident individual) withheld on rent* paid for the
| TD614 | |
31 July | Electronic submission of personal tax return for 2023 by individuals and payment of the income tax liability | TD1 |
Submission of the 2024 provisional tax return and payment of the first instalment of provisional tax | Through Tax | |
1 August | Payment of prior year’s income tax through self-assessment for individuals & companies preparing audited accounts | Through Tax |
31 August | Payment of 2nd instalment of the premium tax of life insurance companies for 2024 | TD199 |
31 December | Submission of 2024 revised provisional tax return, if applicable, and payment of the second installment of provisional tax | Through tax |
Payment of Special Contribution for | Through Tax | |
Payment of SDC(and GHS contributions if | TD614 | |
Payment of 3rd and last instalment of the premium tax of life insurance companies for 2024 | TD199 | |
10th day of the | Submission of VAT return and payment of the VAT due | TD1004 |
By the 15th of the next month | Submission of VIES | VIES1 |
By the 10th of the next month | Submission of Intrastat | Intrastat1.1 |
Notes
* Tax payments can be made only via the Tax Portal
Electronic submission of tax returns
Every person (individual or company) who has an obligation to submit a tax return in accordance with the provisions of the Assessment and Collection of Taxes law must do so electronically.
All individuals who have gross income that falls under Article 5 of the Income Tax Law are obliged to submit a tax return. The Council of Ministers has the power to issue decrees which shall specify the categories of taxpayers with a total annual gross income below the taxable threshold of €19,500 that will be exempted from this obligation and may provide extensions to the submission deadline.
Submission of revised tax returns
From tax year 2018 onwards, a revised tax return can be submitted within 3
years from the submission deadline of the relevant tax return.
In exceptional cases, overdue revised income tax returns may be accepted
by the Cyprus Tax Department provided that certain conditions are met.
These are provided in Circular 9/2023.
The submission of a revised income tax return is made only through the
submission of Forms T.D.001AN2020 (Individuals) and T.D.004AN2020
(Companies).
Administrative penalties
An administrative penalty of €100 or €200 (depending on the specific case), is
imposed for the late submission of a tax return or late submission of supporting
documentation requested by the Commissioner.
In the case of late payment of the tax due, a penalty of 5% is imposed on the
tax due. An additional penalty at the rate of 5% is imposed if the tax remains
unpaid two months after the payment deadline.
Public interest rate
The interest rate applicable on late payment of taxes is set through a Decree
and it is imposed on a completed month basis. The rate for 2024 is 5%.
The applicable interest rates for the previous years are as follows:
Up to 31/12/2006 | 9 |
01/01/2007 – 31/12/2009 | 8 |
01/01/2010 – 31/12/2010 | 5,35 |
01/01/2011 – 31/12/2012 | 5 |
01/01/2013 – 31/12/2013 | 4,75 |
01/01/2014 – 31/12/2014 | 4,5 |
01/01/2015 – 31/12/2016 | 4 |
01/01/2017 – 31/12/2018 | 3,5 |
01/01/2019 – 31/12/2019 | 2 |
01/01/2020 – 31/12/2022 | 1,75 |
01/01/2023 – 31/12/2023 | 2,25 |