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PKF Cyprus

A member of PKF International. A global family of legally independent firms.

Cyprus Company’s temporary tax revision and second installment payment for the year 2014

Cyprus companies have to pay the second installment of their provisional tax declared to the Cyprus Tax Department earlier this year.

According to the Cyprus Income Tax Law, Cyprus companies had the obligation to submit a temporary tax assessment / estimation of their 2014 chargeable income and pay the first installment by 31st July 2014.

The temporary tax assessment / estimation is payable in two equal installments, before or at the following dates:

–   31 July 2014

–   31 December 2014

A 10% surcharge is imposed on the difference between the tax as finally determined in the relevant annual report (financial statements) and the temporary tax assessment / estimation when the temporary assessment / estimation is less than the 75% of the chargeable income as finally determined in the financial statements.

Revised tax assessment / estimations can be submitted at the Cyprus Tax department on or before 31 December 2014.

Cyprus Companies which pay their taxes after the due dates an additional 5% fine is imposed.

Cyprus Companies that do not estimate to have any taxable income or tax due have no obligation for the submission of the tax / assessment estimation form.

If in according to the company’s estimates there is no taxable income or any tax due, the Cyprus Company is not required to make a declaration.

How we can help

We can help you to revise your Cyprus Company temporary tax assessment and pay your Cyprus taxes. For more information please contact our offices:

info.nicosia@pkf.com.cy

December 2014

PKF / ATCO Limited is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms. This publication is for information purposes only and should not be considered as professional advice.