Revision of Cyprus Company’s temporary tax assessment and second installment payment for 2017
According to the Cyprus Income Tax Law, Cyprus companies had the obligation to submit a temporary tax assessment / estimation of their 2017 chargeable income.
The temporary tax assessment / estimation for Cyprus companies is payable in two equal installments, before or at the following dates:
– 31 July 2017
– 31 December 2017
A 10% surcharge is imposed on the difference between the tax as finally determined in the relevant annual report (financial statements of the Cyprus company) and the temporary tax assessment / estimation when the temporary assessment / estimation is less than the 75% of the chargeable income. Revised tax assessment / estimations can be submitted at the Cyprus Tax department on or before 31 December 2017.
Cyprus companies that did not submit temporary tax assessment with the Cyprus tax department on 31 July 2017 or Cyprus companies with taxable income in the second half of 2017 (1 August – 31 December 2017) will also have to submit temporary tax assessment by 31 December 2017
Cyprus Companies which pay their taxes after the due dates interest is imposed.
If according to the Cyprus company’s estimates there is no taxable income or any tax due, the Cyprus Company is not required to make a declaration.
The settlement of the tax payment can be made by PKF Cyprus Nicosia offices or via the JCCSmart website
Payment of taxes portal for the year 2017
The settlement of tax payment for Cyprus companies can also be made via the JCCSmart website following the link below:
Follow the instructions below to pay the tax via the JCCSmart website
2017 Instructions for online tax payments:
1) Click on the link below:https://www.jccsmart.com/
2) If you already have an account with JCCSmart, ignore steps 3 and 4 and go to step 5. If not, follow steps 3 and 4 to create one
3) Click and enter all the required information in the fields that appear, and then click to register. Your account has been created
4) Then repeat the process from step 1
5) Enter your e-mail address and password to join the system
6) Click on the “TAX DEPARTMENT” section icon
7) Find the title “(0200) 2017 TEMPORARY TAX” and then click “Click here to pay the invoice”
8) Then enter the relevant data such as the TIC (i.e. Cypriot Tax Identification Number of the Cypriot company), taxable person name etc including the estimated taxable income for the year 2017, the estimated tax payable and the estimated payable installment
9) Then enter your credit card details according to the relevant fields that appear to complete the transaction
Contact Details
Telephone + 357 22 462727
Εmail: info@pkf-nic.com
December 2017
The authors expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication.
Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances.
PKF Cyprus firms are member firms of the PKF International Limited network of legally independent firms and do not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.