Cyprus Tax Diary 2019 (НАЛОГОВЫЙ ДНЕВНИК 2019)
End of Each Month
Payment of tax withheld (PAYE) deducted from the employees’ salaries during the previous month
Social Insurance and General Healthcare Contributions relating to salaries of the previous month
Payment of Special Contribution for Defence withheld on payments of dividends, interest and rents (where the tenant is a Cyprus Company, partnership, the Government or local Authority) made to Cyprus Tax Residents in the preceding month
Payments of tax withheld in the preceding month on payments to non-Cyprus residents
Within 30 days from the date of the agreement : Payment of stamp duty
31 January: Submission of deemed dividend distribution declaration (TD623) for the tax year 2016
31 March: Electronic submission of the 2017 Income Tax return (TD1/TD4) for individuals and companies preparing audit financial statements
30 June: Payment of 2018 personal income tax through self-assessment by individuals who do not prepare audited financial statements (employees and self-employed)
Payment of Special Contribution for Defence on rents, dividends or interest from sources outside Cyprus for the first six months of 2019
Payment of the Annual Levy of €350 for the year 2019
31 July: Submission of the 2019 temporary tax assessment and payment of the first instalment
Electronic submission of the 2018 employers’ return (TD7)
Electronic submission of the 2018 personal tax return (TD1) by salaried individuals whose gross income exceeds €19.500 for the tax year 2018
1 August: Payment of the 2018 tax balance under self-assessment by individuals and companies preparing audited accounts
30 September: Electronic submission of the 2018 personal income tax return (TD1) by self-employed individuals who do not prepare audited financial statements if their gross income exceeds €19.500
31 December:Payment of the second and final instalment of provisional tax for 2019. Payment of Special Contribution for Defence on rents, dividends or interest from sources outside Cyprus for the second half of 2019
Interest and Administrative penalties
If the tax is not paid by the due date, interest is imposed at the rate of 2% per annum for 2019. The applicable interest rates for the previous years are as follows:
Up to 31/12/2006 9%
01/01/2007 - 31/12/2009 8%
01/01/2010 - 31/12/2010 5,35%
01/01/2011 - 31/12/2012 5%
01/01/2013 - 31/12/2013 4,75%
01/01/2014 - 31/12/2014 4,50%
01/01/2015 - 31/12/2016 4%
01/01/2017 - 31/12/2018 3,50%
Late submission of Income Tax Returns results in the imposition of a penalty equal to €100 or €200 (depending on the specific case).
In the case of late payment of the tax due, a penalty of 5% is imposed on the unpaid tax. An additional penalty of 5% is imposed if the tax remains unpaid 2 months after the payment deadline.
In cases where the deadline for the submission of a tax return or payment of a tax or other liability falls on a Saturday or Sunday or Public holiday, the deadline for complying with these obligations is extended until the next business day
Submission of Tax returns and audited Financil Statements
The personal income tax returns can only be submitted electronically. Manual submission is no longer permitted, except in cases of revised income tax returns.
Individuals are required to submit personal tax returns only when their gross taxable income exceeds €19.500.
An individual is obliged to submit audited financial statements if his/her annual income from trade/business, rents, dividends interest, royalties or income relating to trading goodwill exceeds €70.000.
Any person who is fraudulently delaying or omitting to pay taxes or any person who delays payment of withheld taxes i.e. from salaries (such as PAYE and special contribution), payments to non-residents (such as films and royalties), as well as Defence tax withheld from dividends, interest and rental income is guilty of a criminal offence and is liable to fines and imprisonment in the case of individuals. In the case of a company the directors, executive managers and accountants are also liable for penalties and imprisonment;