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tax

Tax Diary

31 January 2015

  • Submission of deemed dividend distribution declaration (IR623) for 2012

 

31 March 2015

  • Electronic submission of 2013 income tax return (IR4) for companies and individuals preparing audited accounts
  • Electronic submission of the 2013 income tax return of physical persons preparing audited financial statements (A physical person is obliged to submit audited financial statements if his/her turnover exceeds €70.000 annually)

 

30 April 2015

  • Submission of personal tax returns for 2014 by salaried individuals with gross income exceeding €19.500
  • Insurance companies (life business): Payment of provisional tax for the first four months of 2015

 

30 June 2015

  • Submission of personal tax return (IR1) for 2014 by individuals with gross income exceeding €19.500 and who do not prepare audited accounts
  • Payment of 2014 tax balance through self assessment by individuals who do not prepare audited accounts
  • Defence tax contribution payment in relation to dividends, rents, or interest from sources outside Cyprus for the first half of 2015

 

31 July 2015

  • Electronic submission of employees' details and employers' return (IR7) for 2014
  • Electronic submission of personal tax return (IR1) for 2014 by salaried individuals with gross income exceeding €19.500
  • Submission of provisional tax assessment for 2015 and payment of the first instalment

 

1 August 2015

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

 

31 August 2015

  • Insurance companies (life business): Payment of provisional tax for the second four months of 2015
  • Payment of immovable property tax for 2015 with a discout of 10% on the tax due

 

30 September 2015

  • Electronic submission of personal tax return for 2014 by individuals with gross income exceeding €19.500 and who do not prepare audited accounts.
  • Payment of immovable property tax for 2015 without a discount of 10% on the tax due

 

31 December 2015

  • Payment of the second instalment of 2015 provisional tax
  • Payment of defence tax contribution in relation to dividends, rents, or interest from sources outside Cyprus for the second half of 2015
  • Insurance companies (life business): Payment of provisional tax for the last four months of 2015

 

End of each month

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

 

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