End of each month

• Payment of PAYE deducted from employees’ salaries for the previous month (TD 61A form)

• Payment of Social Insurance contributions and GESY > (Cyprus General Healthcare System, GHS) deducted from employee’s salaries for the previous month

• Payment of special contribution for defense deducted from dividends, interest, or rent paid for the previous month. Companies, partnerships, the Government, or any local authority that pays rent, have the obligation to withhold special defense contribution on the amount of the rent paid (TD 601, TD 602, TD 603 forms)

• Payment of tax withheld in the preceding month on payments to non-Cyprus residents (TD11)

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31 January

• Submission of the deemed dividend distribution declaration (TD623) for the tax year 2021

31 March

• Electronic submission of the 2022 income tax return of companies (TD4) and self-employed individuals (TD1) preparing audited financial statements

30 April

• Payment of premium tax for life insurance companies – first instalment for 2024 (TD199)

31 May

• Electronic submission of employers’ returns and employees’ details for 2023 (TD7)

30 June

• The Payment of special contribution for defense and GESY in relation to dividends or interests from sources outside Cyprus for the first half of 2024 (TD 601 form).

• Payment of special contribution for defense and GESY in relation to gross rents (less 25%) from sources within or outside Cyprus for the first half of 2024 (TD 601 form)

• Payment of the 0.4% fee as per the Central Body for Equal Weight Sharing Law

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31 July

• Electronic submission of 2023 personal income tax return (TD1) by individuals and payment of 2023 personal income tax liability

• Payment of the 2023 personal income tax and GESY under Self-assessment by individuals not preparing audited financial statements

• Submission of the 2024 provisional tax return and payment of the first installment of 2024 temporary tax (TD5, TD6)

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1 August

• Payment of 2023 tax liability through self-assessment by companies and individuals preparing audited accounts (TD158 form)

31 August

• Payment of premium tax for life insurance companies – second instalment for 2024 (TD199)

• Payment of the 2023 Corporation tax and personal income tax for individuals who prepare audited financial statements

30 November 

• Electronic submission of the 2022 corporation income tax return (Form TD4) for Companies with a Transfer Price study

• Electronic submission of the 2022 Summary Information Table.

31 December 

• Submission of the 2024 revised provisional tax return (if applicable) and payment of the second instalment of 2024 temporary tax (TD5, TD6).

• The Payment of special contribution for defense and GESY in relation to dividends or interests from sources outside Cyprus for the second half of 2024 (TD 601 form).

• Payment of special contribution for defense and GESY in relation to gross rents (less 25%) from sources within or outside Cyprus for the second half of 2024 (TD 601 form).

• Payment of premium tax for life insurance companies – third and last instalment for 2024 (TD199).

 

Within 30 days

• Payment of Capital Gains Tax.

• Issue invoices within 30 days from the date of the transaction.

• Payment of stamp duty.

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Within 60 days

• Companies must obtain a Tax Identification Code (TIC) within 60 days from incorporation with the Registrar of Companies. This also applies to companies incorporated abroad that become tax residents in Cyprus (TD 162 form).

• Companies must notify the Inland Revenue of changes to their details (eg change in registered office etc) within 60 days from the change (TD 162 form).

Four months from the end of the transaction

• Books and records of a business that is obliged to keep accounting records must be updated within 4 months from the date of the transaction.

At the end of the financial period

• Companies that have inventory must perform an annual stock take around the year-end.

Within the timeframe specified by Inland Revenue

• Submission of information that has been requested in writing by the Inland Revenue.

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Administrative Penalties and Interest

Penalties amounting to €100 or €200 depending on the specific case will be imposed for late submission of declarations or late submission of supporting documentation requested by the Commissioner.

In the case of late payment of the tax due, an additional penalty at the rate of 5% will be imposed on the unpaid tax. An additional penalty of 5% is imposed if the tax remains unpaid 2 months after the payment deadline.

The interest rate for late payment of tax is determined by the Minister of Finance through a Decree and it is applicable for the whole year. The rate for 2024 is 5%.