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PKF Cyprus

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

Cyprus Income tax

Cyprus Tax – Cyprus Tax diary 2020

 

CYPRUS TAX DIARY 2020
End of each month – Payment of PAYE and special contribution deducted from the employees’ salary in the preceding month
– Payment of Special Defence Contribution withheld from rental payment, by the company, partnership, the state or local authority, in the preceding   month
  Payment of special defence contribution on dividends and interest paid in the preceding month
  – Payment of National Health System deductions and contributions
 
31 January – Submission of deemed dividends distribution declaration (IR 623) for the tax year 2018
 
31 March – Electronic submission of 2018 tax returns for companies (IR 4)
  – Submission of 2018 tax returns of individuals for which audited financial statements were prepared (with turnover exceeding €70.000)
 
30 April – Submission of the personal tax returns of individuals for 2019 (if the gross income of employee or pensioner exceeds €19.500 ) (deadline will be extended by 3 months in case of electronic submission)
  – Payment of provisional tax for the first four months of 2020 by life insurance Companies
 
30 June – Payment of special contribution for defence of rental income for the first half of 2020
  – Submission of personal tax returns of individuals for the year 2019 without audited financial statements and for payments of the tax via self-assessment (deadline will be extended by 3 months in case of electronic submission)
 
31 July – Electronic submission of employers return for the year 2019
  – Submission of the provisional tax return and payment of the first installment for 2020
 
1 August – Payment of the corporation tax and income tax for individuals preparing audited accounts, via self-assessment of 2019
 
31 August – Payment of the provisional tax for the second four months of 2020 by life insurance companies
 
31 December – Payment of the second and last installment for 2020 provisional tax
  – Payment of the special contribution of defence of rental income for the second half of 2020
  – Payment of provisional tax for the last four months of 2020 by life insurance companies

Penalties

If the above mentioned deadlines are not kept penalties and interest are imposed. The interest rate has been set at 1.75% effective from the 1st of January 2020.

Contact us

For more information please contact

Email: info@pkf-nic.com

 

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.