The most important dates for tax purposes are as follows:

End of each monthPayment  of tax  deducted  from  employees  salary  (PAYE)  in  the  preceding month.Payment of special contribution for defence withheld on payments of dividends, interest or rents (when the tenant is a company, partnership, the state or local authority) made to Cyprus tax residents in the preceding month.Payment of tax withheld in the preceding month on payments to non-Cyprus residents.
31 JanuarySubmission of declaration of deemed dividend distribution (TD623) for the year ended 31 December 2018
31 MarchElectronic submission of the 2019 corporation tax return (TD4) for accounting periods ending on 31 December 2019 (TD4).Electronic submission of the 2019 income tax return of physical persons preparing audited financial statements (Note 2).
30 AprilPayment of premium tax for life insurance companies – first instalment for 2021
31 MayElectronic submission of 2020 employer’s return.
30 JunePayment of special contribution for defence for the first six months of 2021 on rents if such tax is not withheld at source by tenant and on dividends or interest from sources outside Cyprus
31 JulySubmission of  the  2021  provisional  tax  return  and  payment  of  the  first instalment.Electronic submission of 2020 personal tax returns of individuals and payment of 2020 personal income tax under the self-assessment method by employees and pensioners, whose incomes do not include income from a trade/business, rents, dividends, interest, royalties nor income relating to trading goodwill (Note 1).Electronic  submission  of  2020  personal  tax  returns  and  payment  of  2020 personal income tax under the self-assessment method by other individuals who have gross income that falls under Article 5 (includes dividends, interest and profits from share dealings) and who are not obliged to prepare audited financial statements (Note 1, 2).
1 AugustPayment of 2020 final corporation tax under the self-assessment method.Payment of 2020 personal income tax under the self-assessment method by individuals preparing audited financial statements (Note 2).
31 AugustPayment of premium tax for life insurance companies – second instalment for 2021
31 DecemberPayment of provisional tax – second and last instalment for 2021.Payment of special contribution for defence for the last six months of 2021 on rents if such tax is not withheld at source by tenant and on dividends or interest from sources outside Cyprus.Payment of premium tax for life insurance companies – third and last instalment for 2024.

VAT reporting deadline: 40 days following the end of the quarter to which the reporting relates to. VIES reporting deadline: 15th of the month following the calendar month to which the statement relates to.

Notes:1. Physical persons are required to submit personal tax returns only when their gross income exceeds €19.500.2. A physical person is obliged to submit audited financial statements if his/her turnover exceeds €70.000 annually.

Interest and Penalties

Interest:

The official interest rate, as set by the Finance Minister, is 1,75% per annum for all amounts due after 1 January 2020 (2% for year 2019, 3,5% for years 2017-2018, 4% for years 2015-2016, 4.5% for year 2014, 4,75% for year 2013, 5% for years 2011 and 2012, 5,35% for the year 2010, 8% for the years 2007-2009 and 9% up to 31 December 2006).

Penalties:

Administrative Penalty €100 (Article 50A a)Late submission of tax returns or documents for which a deadline is imposed by the Law
Administrative Penalty €200 (Article 50A b)Late submission of returns or documents for which no deadline is imposed by the Law but for which the Commissioner has requested compliance within at least 60 days and there has been no compliance.
Administrative Penalty €200 (Article 50A c)Late submission of returns or documents for which no deadline is imposed by the Law but for which the Commissioner has duly served a written notice on such person requesting the compliance with a deadline expressly mentioned in the notice.
Administrative Penalty €100 (Article 50A d)Non submission of returns or documents in respect of another tax payer for which no deadline is imposed by the Law and the Commissioner has requested compliance within at least 60 days and there has been no compliance.
Additional Tax 5% (Article 50A e)Late payment of tax either as provided by the law or by a demand for I payment issued by the Commissioner.

LEDGERWORTH FINANCIAL SERVICES

LedgerWorth Financial Services possesses the skills, knowledge and experience to assist through complex tax planning strategies for businesses and individuals, to keep the tax burden to a minimum and meet all compliance requirements with the ever changing complex regulations.

We offer a range of services to help you meet your tax obligations:

• Registration with the tax authorities

• Submission of all company and personal tax returns to the local tax authorities

• Obtaining a tax residency certificate

• Advice on optimum tax structures

• General advice on corporation tax and VAT matters

• Corporate and personal tax planning

• Advice on international tax planning