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.
- Submission of the deemed dividend distribution declaration for the tax year 2012.
- 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.
- 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.
- 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.
- 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.
- Payment of 2014 tax balance through self-assessment by individuals and companies preparing audited accounts.
- Payment of provisional tax by insurance companies (life business) for the second four months of 2015.
- 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.
- 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 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.
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|
Protection of Nominee Directors from IRD claims for Cyprus client companies
Legislation re Cyprus Tax Residency:
Cyprus Company Law: Responsibility of Directors for the non-payment of taxes
A Company Director, in a company incorporated under the laws of the Republic of Cyprus, may be found liable by the Inland Revenue or Customs & Excise with regarding tax related issues. As per the legislation, the Inland Revenue or Customs & Excise may personally prosecute the Company Directors who are involved in any taxation offence(s) or related financial matters.
Inward re-domiciliation: changes to the Singapore Companies Act allowing foreign firms to re-domicile to Singapore
In order to ensure that the regulatory regime of Singapore continues to be robust, relevant and in line with international norms, on the 30th of March 2017, the Companies (Amendment) Act 2017 of Singapore was gazetted. Among the number of amendments to the Companies Act, the provisions for the inward re-domiliation regime are arguably the most important in further boosting Singapore’s character as a business hub.
Inward re-domiciliation: Key changes to the Singapore Companies Act make company relocation to Singapore easier than ever
Last March, the Singapore Government amended the Singapore Companies Act 2017 which introduced an inward re-domicile (or relocation) regime in an effort to boost Singapore’s attractiveness as a business hub.
Cryptocurrencies: technical and legal overview
In this article, we will try to succinctly describe the technical and legal characteristics of Cryptocurrencies. The understanding of Cryptocurrencies is crucial for today’s modern payment services and investment opportunities around the world. We have seen the increasing importance that this topic has acquired in the last few months and the rise of the price of the most popular type of Cryptocurrency, the Bitcoin, from $0.06 cents of a dollar in 2010 to $5,518.85 by the 25th of October, 2017.
The Belize IBC Amendment Act 2017: 3 notable changes for businesses
Belize has amended its International Business Companies Act. These changes were to maintain its financial services industry in the increasingly regulated international market & meet the OECD white list requirements.
Cryptocurrency & ICOs as securities & virtual commodities as per Hong Kong law
The Hong Kong Securities and Futures Commission has remarked upon the growth and popularity of Initial Coin Offerings (ICOs) for raising money not only in Hong Kong but other Asian countries. This article confirms and explains how digital tokens that are offered or sold may be defined as "securities" and as such are therefore governed by the relevant securities legislation of Hong Kong.
New licensing regulations for Trusts & Service Providers in Hong Kong
As per new regulations, all Hong Kong businesses providing Trustee Services, including Corporate Service Providers will not be able to operate without a valid trading license after March the 1st 2018. The new scheme is designed to better regulate individuals carrying out services within the financial sphere in Hong Kong and will be overseen and administered by the Hong Kong Companies Registry.