Upcoming Changes to IR7 Submissions via the TAX FOR ALL System Adapting to the New Era of Tax Compliance The Cyprus Tax Department has announced significant changes regarding the submission of the (Employer) Withholding and Tax and Contributions Declaration (IR7) and the payment process for related taxes and contributions. Starting in the first half of 2025, these processes will transition to the TAX [...]
Deemed Dividend Distribution for 2024 Deadline 31/01/2025 Cyprus tax resident companies with accounting profits for the tax year 2022 that fall within the DDD provisions, must declare at least 70% of their accounting profits of the year 2022 by 31 December 2024 and where applicable, pay the relevant Special contribution for defence of 17% and National Health Contribution of 2,65% by 31 January [...]
Second Temporary Tax Payment for 2024 Deadline 31/12/2024 Second Temporary Tax Payment for 2024 The second temporary tax return for 2024 must be submitted and the corresponding tax to be paid by the 31st of December 2024. 1. Introduction to temporary tax assessments 1.1. Applicable to: Cyprus Companies with taxable income Individuals with taxable income other than salaries, pensions, dividends and interest [...]
Important Update: Extension of Income Declaration Submission Dates We would like to inform you about an important update from the Department of Taxation regarding the submission of Income Declarations for Companies required to submit a Summary Information Table along with their tax return. The Council of Ministers has announced the following extensions: Income Declaration for 2022: Extended until 28th February 2025 Income Declaration [...]
Updates on Transfer Pricing FAQs from the Cyprus Tax Department Important Update: New FAQs Issued by the Cyprus Tax Department on Transfer Pricing We wish to inform you of the latest update from the Cyprus Tax Department (CTD) concerning Transfer Pricing (TP) legislation. On 24 September 2024, the CTD published additional Frequently Asked Questions (FAQs) (#25-#43) on its official website. These new FAQs [...]
Final Corporation Tax Payment Deadline 2023 Deadline 01 August 2024 Key Deadline: 1 August 2024: This is the deadline for paying the final tax for the year 2023 for companies and self-employed individuals who prepare audited financial statements. Important Information: To avoid any penalties and interest, it is crucial to settle any outstanding tax balances by the specified deadline. Below are the [...]
Temporary Tax 1st Instalment Deadline 31 July 2024 First Provisional Tax for 2024 The first temporary tax return for 2024 must be submitted and the corresponding tax to be paid by the 31st of July 2024. 1. Introduction to temporary tax assessments 1.1. Applicable to: Cyprus Companies with taxable income Individuals with taxable income other than salaries, pensions, dividends and interest 1.2. [...]
2023 Personal Income Tax Return Submission Deadline 31 July 2024 Tax Department announced the release of the 2023 Personal Income Tax Return (TD1 form). The TD1 form is now available for submission via the TaxisNet system. Submission obligations apply to the following: Employees and pensioners with a gross annual income exceeding €19,500. Self-employed individuals with an annual turnover not exceeding €70,000 and [...]
Income Tax Return 2023 Deadline 31/07/2024 SUBMISSION OF PERSONAL INCOME STATEMENT 2023 The Tax Department announced that the 2023 Income Tax return for individuals is available at the TaxisNet system at the address https://taxisnet.mof.gov.cy. Based on Decree of the Council of Ministers (KDP 184/20223) obligation to submit a Personal Income Statement for the year 2023 have Employees, Pensioners and Self Employed whose [...]
Annual Levy abolished from 2024 onwards The Department of Registrar of Companies and Intellectual Properties announced that, according to the Amending Companies Law 2024, N.25(I)/2024, published in the Official Gazette of the Republic on March 15, 2024, the annual levy for the companies registered in the Cyprus' Registrar of Companies will be abolished from 2024 onwards.However, it should be noted that the annual levies for the years [...]
