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Tax Diary

2019

End of each month

  • Payment of tax deducted from employee’s 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 January

  • Submission of declaration of deemed dividend distribution (TD623) for the year ended 31 December 2016.

 

31 March

  • Electronic submission of the 2017 corporation tax return (TD4) for accounting periods ending on 31 December 2017 (TD4).

  • Electronic submission of the 2017 income tax return of physical persons preparing audited financial statements (2).

 

30 April

  • Payment of premium tax for life insurance companies – first instalment for 2019.

 

30 June

  • Payment of special contribution for defence for the first six months of 2019 on rents if such tax is not withheld at source by tenant and on dividends or interest from sources outside Cyprus.

  • Payment of 2018 personal income tax under the self-assessment method by self-employed individuals not preparing audited financial statements (2).

 

31 July

  • Electronic submission by employers of the total 2018 payroll (Form TD7).

  • Submission of the 2019 provisional income tax return and payment of the first instalment.

  • Electronic submission of 2018 personal income tax returns and payment of 2018 personal income tax under the self-assessment of/by employees and pensioners, whose incomes do not include income from a trade/business, rents, dividends, interest, royalties nor income relating to trading goodwill (1).

 

1 August

  • Payment of 2018 final corporation tax under the self-assessment method.

  • Payment of 2018 personal income tax under the self-assessment method by self-employed individuals preparing audited financial statements (2).

 

31 August

  • Payment of premium tax for life insurance companies – second instalment for 2019.

 

30 September

  • Electronic submission of 2018 personal tax returns of self-employed individuals not required to prepare audited financial statements (2).
     

31 December

  • Payment of provisional tax – second and last instalment for 2019.

  • Payment of special contribution for defence for the last six months of 2019 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 2019

Interest and Penalties

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

 

In addition to the interest, penalties are also charged depending on the circumstances.

 

Notes:

  1. Physical persons are required to submit personal tax returns only when their gross taxable income exceeds €19.500.

  2. A physical person is obliged to submit audited financial statements if his/her  annual income from trade/business, rents, dividends interest, royalties or income relating to trading goodwill exceeds €70.000. Such physical person should be paying his/her 2018 income tax by 1 August 2019 and submitting his/her electronic tax return by 31 March 2020.