Tax calendar for 2015

At the end of each calendar month:

  • PAYE deducted from employees’ salaries for the previous month.
  • Payment of tax withheld on payments made to non-tax residents during the previous month.
  • Defence contribution deducted from dividends, interest or rent* paid in the previous month.

*Companies, partnerships, the Government or any local authority that pay rent has an obligation withhold special defence contribution on the amount of the rent paid.

31 January:

  • Submission of the deemed dividend distribution declaration for the tax year 2012.

31 March:

  • Electronic submission of 2013 income tax return for individuals and companies preparing audited accounts.
  • Submission of return and payment of the first instalment of the special tax levy by Credit Institutions for 2015.

30 April:

  • Submission of personal tax returns for 2014 by salaried individuals whose gross income exceeds €19.500.
  • Submission of employers’ return and employees’ details for 2014.
  • Payment of provisional tax by insurance companies (life business) for the first four months of 2015.

30 June:

  • Submission of personal tax return for 2014 by individuals who do not prepare audited accounts if their gross income exceeds €19.500.
  • Payment of tax balance for 2014 through self-assessment by individuals who do not prepare audited accounts.
  • Payment of special contribution for defence in relation to rents, dividends or interest from sources outside Cyprus for the first half of 2015.
  • Payment of the second instalment of the special tax levy by Credit Institutions for 2015.

31 July:

  • Electronic submission of personal tax returns for 2014 by salaried individuals whose gross income exceeds €19.500.
  • Electronic submission of employers’ return and employees’ details for 2014.
  • Submission of provisional tax assessment for 2015 and payment of the first instalment.

1 August:

  • Payment of 2014 tax balance through self-assessment by individuals and companies preparing audited accounts.

31 August:

  • Payment of provisional tax by insurance companies (life business) for the second four months of 2015.

30 September:

  • Electronic submission of personal tax return for 2014 by individuals who do not prepare audited accounts if their gross income exceeds €19.500.
  • Payment of immovable property tax for 2015.
  • Payment of the third instalment of the special tax levy by Credit Institutions for 2015.

31 December:

  • Submission of 2014 tax returns for individuals and companies preparing audited accounts.
  • Payment of the second instalment of 2015 provisional tax.
  • Payment of special contribution for defence in relation to rents, dividends or interest from sources outside Cyprus for the second half of 2015.
  • Payment of provisional tax by insurance companies (life business) for the last four months of 2015.
  • Payment of the fourth instalment of the special tax levy by Credit Institutions for 2015.

Electronic submission of tax returns:

  • Individuals and companies, that prepare audited financial statements or persons that their tax return is submitted by a professional accountant, may be obliged to submit their tax return electronically in accordance with such means that may be approved by the Commissioner of Income Tax.
  • In case of such electronic submission of tax returns, the deadline is extended by 3 months.

Administrative penalties:

Administrative 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.

Note:

The rate of interest 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 2015 is 4%.

The applicable interest rate for the previous years is as follows:

Period                                  Interest rate %
Up to 31.12.06:              9
01.01.07 - 31.12.09:    8
01.01.10 - 31.01.10:                     5.35
01.01.11 - 31.12.12:     5
01.01.13 - 31.12.13: 4.75
01.01.14 – 31.12.14:    4.50

Take the next step, we are here to help.

Register a Cyprus company.
Open a Cyprus bank account.

  Resources:

Beginners guide to Service Level Agreements: important information & Q&A

Beginners guide to Service Level Agreements: important information & Q&A

SLAs are a critical component of any outsourcing and technology vendor contract. Beyond listing expectations of service type and quality, an SLA provides remedies when requirements aren't met.

Crypto currencies becoming increasingly overly regulated as governments impose more guidelines

Crypto currencies becoming increasingly overly regulated as governments impose more guidelines

Crypto currencies have exploded in popularity in recent years, thanks to innovation in block chain, the distributed ledger technology underpinning those virtual tokens such as bitcoin. That has led to a red-hot fundraising trend where start-ups are pulling in millions of dollars in capital by issuing virtual coins to investors in exchange for money.

Initial Coin Offering, definition and regulation

Initial Coin Offering, definition and regulation

Initial Coin Offerings (“ICO”) have gained increasing attention by crypto currency users, the media and the regulators. The rising price of Bitcoin, one of the most widely known and used crypto currencies, along with fraud scandals in different countries, have raised attention by the public and concern by the regulators. It is important for us that our clients and our professional team understand crypto currencies and ICOs to be able to make intelligent and well-informed decisions.

Seychelles IBC Act 2016: Action for all companies required

Seychelles IBC Act 2016: Action for all companies required

The requirement to file and maintain a list of Directors and Beneficial Owners for all Seychelles companies or International Business Companies “IBCs” registered under the International Business Companies Act 2016 has been introduced to as a way to increase the transparency of all Seychelles international businesses for tax and money laundering purposes

Passport schemes: countries that allow foreign nationals to acquire citizenship through investment

Passport schemes: countries that allow foreign nationals to acquire citizenship through investment

There are many factors that influence an investor to obtain a second citizenship in another country. Aspects such as relocation, retirement, security or even long-term plans for future generations are all benefits and considerations in the prospectus for investment. Several countries now offer this option through different investment schemes.

The Tier 1 Investor Visa: are the UK government checking candidates' source of wealth? Evidently not..

The Tier 1 Investor Visa: are the UK government checking candidates' source of wealth? Evidently not..

One of many legal disputes resulting from the recent infamous Kazakhstan BTA bank fraud case has shed new light on a little-known immigration scheme colloquially known as the golden visa scheme and officially called a Tier 1 Investor visa in the UK; the scheme grants investors residency in exchange for spending £2m in UK bonds or shares through a bank, with applicants eligible for to remain indefinitely, with full citizenship after five years.

EU release list of tax havens & blacklisted jurisdictions for the first time

EU release list of tax havens & blacklisted jurisdictions for the first time

In an attempt to recover the approximate 600B euros lost within various EU countries to tax evasion schemes each year; the European Union has released its first official blacklist naming 17 jurisdictions that have failed to meet international standards of implementing sufficient regulations and transparency measures.

A beginners guide to filing capital statements in Cyprus

A beginners guide to filing capital statements in Cyprus

This article details a beginners guide to capital statements; what to include in them, what the figures mean and how to understand and interpret them; avoiding common pitfalls many individuals experience along the way with filing their own.. Capital statements (also referred to as wealth statements) are similar to profit & loss sheets for a company except capital statements are typically used to measure and record an individual’s finances using an official document accumulated on differing dates.