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:

Current Information on the Payment of Cyprus Income Tax

Current Information on the Payment of Cyprus Income Tax

An individual is considered to be tax resident in Cyprus by spending a total (consecutive or otherwise) of 183 days or more in any one calendar year in Cyprus. Anyone earning an income in Cyprus falls into two categories:

UK Company Law: The Doctrine of Lifting the Corporate Veil

UK Company Law: The Doctrine of Lifting the Corporate Veil

One of the main advantages of forming a legal entity is to limit the liability of the members of the company. However, in some circumstances, legal entities can be disregarded. This process is known as piercing the corporate veil and is the most common method for shareholders to take responsibility for the actions of the corporation.

How to Spot Professional Money Laundering Activities: A Guide for Companies

How to Spot Professional Money Laundering Activities: A Guide for Companies

A sound client due diligence (CDD) policy is crucial for any providers offering banking, incorporation, legal or accounting services to any extent or otherwise. Compliance must play a huge role around all company decisions to accept and work with new clients, with an explicit set of rules for knowing and identifying different risk categories.

Creating Physical Presence & Capital Requirements for Cyprus Shell Company Crackdown

Creating Physical Presence & Capital Requirements for Cyprus Shell Company Crackdown

Recently, the Cyprus Central Bank issued guidance to banks & credit institutions, advising them of the new mandatory refusal to take on new clients or to continue servicing existing accounts with so-called shell or letter-box companies.

How the UK is Combating Offshore Culture & How it Could be Doing More

How the UK is Combating Offshore Culture & How it Could be Doing More

Typical tax haven destinations such as BVI, Jersey and Switzerland have always been in the spotlight from profiting off of helping clients circumvent legislation in their jurisdiction of residence for decades.

Nevis: The Offshore Tax Haven Nation of the World

Nevis: The Offshore Tax Haven Nation of the World

In the world of offshore, Nevis specialises in letting its clients create corporations with greater anonymity than almost anywhere else on earth. Since 2012, the island’s financial services sector has grown exponentially, as those wishing to retain anonymity relocated to a place that promises just that. However, with ever-expanding counter legislation cropping up globally, how can Nevis continue to host such controversial services?

Expert Opinion on Cyprus’ New Borrower Incentives to Reduce the Islands NPLs

Expert Opinion on Cyprus’ New Borrower Incentives to Reduce the Islands NPLs

The Cyprus Ministry of Finance has released a statement regarding the IMF (the International Monetary Fund) & the European Commission is recommending Bills regarding the islands longstanding issue with Non-Performing Loans.

Keeping Europe Up-to-date with the Latest Legal & Financial Technology

Keeping Europe Up-to-date with the Latest Legal & Financial Technology

The financial world is undergoing a technological revolution, with approximately 3 trillion financial deals entered into using digital ledger technology (DLT) and smart contracts within the next five years.