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:

 

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.

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