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End of each month

Payment of tax withheld (PAYE) and Social Insurance deducted from the employees’ salaries during 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

January ,31^st

Submission of deemed dividend distribution declaration (TD623) for the tax year 2015

March 31^st

Electronic submission of the 2016 Income Tax return (TD1/TD4) for individuals and companies preparing audited financial statements

June 30^st

Payment of 2017 personal income tax through self-assessment by individuals who do not prepare audited financial statements.

Payment of Special Contribution for Defence on rents, dividends or interest from sources outside Cyprus for the first six months of 2018.

July 31^st                

Submission of the 2018 temporary tax assessment and payment of the first instalment

Electronic submission of the 2017 employers’ return (TD7)

Electronic submission of the 2017 personal tax return (TD1) by salaried individuals whose gross income exceeds €19.500 for the tax year 2017

August 1^st

Payment of the 2017 tax balance under self-assessment by individuals and companies preparing audited accounts

September 30^th

Electronic submission of the 2017 personal income tax return (TD1) by self-employed individuals who do not prepare audited financial statements if their gross income exceeds €19.500                            

December 31^st

Payment of the second and final instalment of provisional tax for 2018

Payment of Special Contribution for Defence on rents, dividends or interest from sources outside Cyprus for the second half of 2018

Interest and administrative penalties

If the tax is not paid by the due date, interest is imposed at the rate of 3,5% per annum for 2018. 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 - 31/12/2017                          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.