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Cyprus Tax Calendar - 2018

End of each month

Payment of tax deducted from employees’ salaries (PAYE) during the previous month.

Payment of defence contribution withheld from dividends, interest or rents payments (when the tenant is a company, partnership, the state or local authority), paid to Cyprus tax residents in the previous month.
Payment of tax withheld on payments made to non-tax residents during the previous month

31st of January

Submission of declaration of deemed dividend distribution (IR623) for the Year 2015.

30th of   June 

Payment of defence tax for the first half of 2018 on rents (where this was not withheald at source)

Payment of defence tax for the fist half of 2018 on dividends and interest originating outside Cyprus

Payment of tax balance for previous year through self-assessment by individuals who do not prepare audited financial statements

Electronic submission of the 2016 corporation tax return (IR4).

Electronic submission Submission of the 2016  income tax return of individuals preparing audited financial statements.

31st of July

Electronic submission of employers return (IR7) for salaries paid in previous year.

Submission of current year provisional tax return and payment of the first instalment.

1st of August

Payment of previous year final personal income tax (individuals preparing audited financial statements) and corporation tax (companies) using the self-assessment method.

30th of September

Submission of previous year personal income tax returns (electronic version) for trading individuals who do not prepare audit financial statements and their income exceeds €19.500

Payment of immovable property tax for previous year

31st October

Electronic submission of personal tax returns for previous year for salaried individuals with income in excess of €19.500.

Submission of previous year personal income tax returns for trading individuals who do not prepare audit financial statements and their income exceeds €19.500

31st of December

Payment of second instalment of current year provisional tax
Payment of special defence contribution for the second half of current year on rents and on dividends or interest from sources outside Cyprus.


Interest and Penalties

The official interest rates, as set by the Finance Minister are as follows:


Period                                        %

01/01/2015  Onwards                  4,00
01/01/2014 – 31/12/2014            4,75
01/01/2013 – 31/12/2013            4,75
01/01/2011 – 31/12/2012             5,00
01/01/2010 – 31/12/2010             5,35
01/01/2007 – 31/12/2009             8,00
Up to               31/12/2006            9,00

Penalties of €100 or €200, depending on the case, are imposed for late submission of declarations or late submission of supporting documentation requested by the Inland Revenue Office.

  •  In the case of late payment of tax due, an additional levy of 5% on the unpaid tax is imposed.

Notes:

  1. Individuals are required to submit personal income tax returns only if their gross income exceeds €19.500.
  2. An Individual is obliged to submit audited financial statements only if his/her income is in excess of €70.000 annually.