End of each month
- PAYE deducted from employees’ salaries for the previous month (IR 61A form).
- Payment of Social Insurance contributions deducted from employee’s salaries for the previous month.
- Defence contribution deducted from dividends, interest or rent paid for the previous month. Companies, partnerships, the Government or any local authority that pays rent have the obligation to withhold special defence contribution on the amount of the rent paid (IR 601 form).
- Submission of the deemed dividend distribution declaration (IR623) for the tax year 2016.
- Electronic submission of the 2017 income tax return (IR4) of companies.
- Electronic submission of the 2017 income tax return (IR1) of physical persons preparing audited financial statements.
- Payment of tax balance for 2018 through self-assessment by individuals who do not prepare audited accounts.
- Payment of special contribution for defence in relation to rents, dividends or interests from sources outside Cyprus for the first half of 2019 (IR 601 form).
- Electronic submission of personal tax returns (IR 1 form) for 2018 by salaried individuals whose gross income exceeds €19.500.
- Electronic submission of employers’ return and employees’ details for 2018 (IR7).
- Submission of provisional tax assessment for 2019 and payment of the first installment.
- Payment of 2018 tax liability through self-assessment by companies and individuals preparing audited accounts (IR 158 form).
- Payment of immovable property tax for 2019.
- Electronic submission of personal tax return (IR 1 form) for 2019 by self-employed individuals who do not prepare audited accounts if their gross income does not exceed €70.000.
- Payment of the second installment of 2019 provisional tax.
- Payment of special contribution for defence in relation to rents, dividends or interest from sources outside Cyprus for the second half of 2019.
Within 30 days
- Payment of Capital Gains Tax.
- Issue invoices within 30 days from date of transaction.
Within 60 days
- Companies must obtain a Tax Identification Code (TIC) within 60 days from incorporation with the Registrar of Companies. This also applies to companies incorporated abroad that become tax residents in Cyprus (IR 162 form).
- Companies must notify the Inland Revenue of changes to its details (eg change in registered office etc) within 60 days from the change (IR 162 form).
Four months from the end of the transaction
- Books and records of a business which is obliged to keep accounting records must be updated within 4 months from the date of the transaction.
At the end of the financial period
- Companies which have inventory must perform an annual stock take around the year end.
Within timeframe specified by Inland Revenue
- Submission of information which has been requested in writing by the Inland Revenue.
Administrative Penalties and Interest
Penalties amounting to €100 or €200 depending on the specific case will be imposed for late submission of declarations or late submission of supporting documentation requested by the Commissioner. In the case of late payment of the tax due, an additional penalty at the rate of 5% will be imposed on the unpaid tax.
The rate of interest for late payment of tax is determined by the Minister of Finance through a decree and it is applicable for the whole year. The rate for 2019 was set at 2%.