Tax Diary - Cyprus

End of each month

  • Payment of PAYE withheld from the employees’ salaries for the previous month
  • Payment of tax withheld on payments made to non-Cyprus tax residents during the previous month
  • Payment of special defence contribution and GHS contribution withheld from interest, dividends and rent (where the tenant is a Cyprus company, partnership, the Government or a local authority there is an obligation to withhold special defence contribution and/or GeSY on the amount of the rent paid) relating to previous month

Within 30 Days

  • Payment of Capital Gains Tax.
  • Issue invoices within 30 days from the date of the transaction.
  • Payment of stamp duty

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 (TD 162 form).
  • Companies must notify the Inland Revenue of changes to their details (eg change in registered office etc) within 60 days from the change (TD 162 form).

31st January 2024

  • Submission of deemed dividend distribution declaration (TD623) for 2021
  • DAC6 Reporting deadline (through Ariadni portal) for Reportable Cross Border Arrangements (RCBAs) undertaken between 25/6/2018 and 31/12/2021

31st March 2024

  • Electronic submission of 2022 income tax return for companies (TD4) and individuals (TD1) preparing audited financial statements that exceeds €70.000 annually)

30th April 2024

  • Payment of the first instalment of the premium tax for life insurance companies for 2024

31st May 2024

  • Electronic submission of employers return and employees details for 2023 (TD7)

30th June 2024

  • Payment of special defence contribution and/or GHS contribution for the first six months of 2024 on rents if such tax is not withheld at source by tenant and on dividends or interest from sources outside Cyprus

31st July 2024

  • Electronic submission of personal tax return (TD1) for 2023 by income exceeding €19.500 and payment of personal income tax under self-assessment by employees, pensioners and self-employed individuals, who are not obliged to prepare audited financial statements
  • Submission of provisional tax assessment for 2024 and payment of the first instalment, by both companies and individuals (TD5, TD6)

1st August 2024

  • Payment of final tax for 2023 through self-assessment by companies and individuals preparing audited financial statements

31st August 2024

  • Payment of the second instalment of the premium tax for life insurance companies for 2024

31st December 2024

  • Payment of the second and final instalment of provisional tax for 2024 and submission of revised provisional tax return
  • Payment of special defence contribution and/or GHS contribution for the last six months of 2024 on rents if such tax is not withheld at source by tenant and on dividends or interest from sources outside Cyprus
  • Payment of the third and final instalment of the premium tax for life insurance companies for 2024

Electronic submission of tax returns

Every person (individual or company) who has an obligation to submit a tax return in accordance with the provisions of the Assessment and Collection of Taxes law must do so electronically, except in cases of revised income tax returns.

Administrative penalties

An administrative penalty of €100 or €200 (depending on the specific case), is imposed for the late submission of a tax return or late submission of supporting documentation requested by the Commissioner. In case of late payment of the tax due, a penalty of 5% is imposed on the tax due. An additional penalty of 5% is imposed if the tax remains unpaid two months after the payment deadline.

Public interest rate

The public interest rate applicable on late payment of taxes, as set by the Cyprus Tax Department, for all amounts due for the years 2021 and 2022 is 1,75% and as of 1 January 2023 is 2,25% on all completed months.
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