All Cyprus resident companies must return their income tax accounts in accordance with the Income Tax Law (Law No. 118(I) of 2002).
However due to a recent amendment as per article 12(B)(2) of the Assessment and Collection of Taxes Law L.4/78 in Cyprus, Eltoma Corporate Services would like to inform all companies submitting tax returns that do so via the TAXISnet service (click to access) have been granted a 3 month extension to the submission deadline as per the appropriate legislation and regulations in Cyprus.
Submission due date
Therefore, the last submission date for the Tax Return for Companies (I.R.4) and the Tax Return for Self Employed with accounts (IR1 ACC), for the tax year 2014, has now been extended to March 31st 2016.
Penalties for non-compliance
We would also like to notify all companies that there are fines for late submission. Any companies found to be non-compliant under Article 50(a) of the Assessment and Collection of Taxes Law No. 4/1978 will face a charge of €100.