Tax Due Dates by Month

End of each month:

• PAYE for employees deducted from salaries relating to the previous month.
• Payment of tax withheld on payments made to non-Cyprus tax residents during the previous month.
• Social insurance and General Healthcare Contributions relating to salaries of the previous month.
• Special Contribution for Defence to be withheld from Cyprus sourced dividends and interest for tax resident and domiciled individuals relating to previous month.
• General Healthcare Contributions to be withheld from Cyprus sourced dividends and interest for tax resident individuals relating to previous month.
• Special Contribution for Defence to be withheld from Cyprus sourced rent paid to tax resident and domiciled individuals (when tenant is a company, partnership, the state or local authority) relating to previous month.
• General Healthcare Contributions to be withheld from Cyprus-sourced rent paid to tax resident individuals (when tenant is a company, partnership, the state or local authority) relating to previous month.
• Submission of Form T.D.602 – Declaration of withheld Special Contribution for Defence and National Health Contribution from Interest relating to previous month.
• Form T.D.603 – Declaration of withheld Special Contribution for Defence and National Health Contribution from Dividends relating to previous month.

Within 30 days from the date of the agreement

Payment of stamp duty.

Within 60 days from the date of change

Notification to the Tax Department of any changes to the information submitted upon tax registration.

31 January

Submission of the deemed distribution declaration (Form TD 623) for the year ended 31 December 2019.

28 February

Submission of objections relating to tax assessments issued during December 2021.

31 March

• Electronic submission of the 2020 corporation income tax return (Form TD4).
• Electronic submission of the 2020 income tax return (Form TD1) for individuals preparing audited financial statements.

30 April

Payment of the first installment of premium tax for life insurance companies.

31 May

Electronic submission of the employer’s return for 2021 (Form TD7).

30 June

• Payment of the 2022 special contribution for defence on rents, dividends or interest under self-assessment from sources outside Cyprus for the first 6 months of 2022.
• Payment of the 2022 General Healthcare Contributions on rents, dividends or interest under self-assessment, for the first 6 months of 2022.
• Payment of the Annual Levy of €350 for the year 2022.

31 July

• Payment of the 2021 personal income tax and General Healthcare Contributions under a self-assessment method by individuals not preparing audited financial statements (employees and self-employed).
• Electronic submission of the personal income tax return (Form TD1) for 2021 for both self-employed and employees.
• Submission of the 2022 temporary tax assessment and payment of the first installment for both individuals and companies.

1 August

Settlement of the 2021 final corporation tax and personal income tax for individuals preparing audited accounts.

31 August

Payment of the second installment of premium tax for life insurance companies.

31 December

• Payment of temporary tax – second and last installment for 2022.
• Submission of the 2022 revised provisional tax return.
• Payment of the 2022 special contribution for defence on rents, dividends or interest from sources outside Cyprus for the second 6 months of 2022.
• Payment of the 2022 General Healthcare Contributions on rents, dividends or interest under self-assessment, for the latter 6 months of 2022.
• Physical stock taking to be undertaken.
• Payment of the third installment of premium tax for life insurance companies.

Interest and Penalties

The official interest rate, as set by the Ministry of Finance, for all amounts due after 1 January 2020 is 1,75% (2% for 2019,3,5% for 2018 and 2017,4% for 2016 and 2015, 4,5% for 2014,4,75% for 2013, 5% for years 2012 and 2011, 5,35% for the year 2010,8% for the years 2007-2009 and 9% up to 31 December 2006).

In addition to the interest, 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.

Notes

(a)The Cyprus tax year coincides with the calendar year, 1 January – 31 December. So, for example, the 2022 tax year begins on 1 January 2022 and ends on 31 December 2022.

(b)The personal income tax returns can only be submitted electronically. Manually submission is no longer permitted, except in cases of revised income tax returns. From tax year 2016 onwards, a revised tax return can be submitted within three years from the submission deadline of the relevant tax return. The submission of a revised income tax return is effected only through the submission of Forms T.D.001AN2020 (Individuals) and T.D.004AN2020 (Companies).

(c)From the tax year 2021 onwards, all individuals with a gross income that falls under the provisions of Article 5 of the Income Tax Law are obliged to submit a personal income tax return.

Gross income that falls under the provisions of Article 5 of the Income Tax Law includes, amongst others, salaries, rents, royalties, pensions, dividends, interest and profits from share dealings (before any deductions, reliefs and credits) which may be exempt from the income tax and/or special contribution for defence. The Council of Ministers is also empowered to issue decrees, which will specify which categories of taxpayers with a total annual gross income below the taxable threshold of €19.500 will be exempted from the obligation to submit a tax return.

Up until tax year 2020, individuals with gross income not exceeding €19.500 (tax-free threshold) were not obliged to submit a personal income tax return, unless they received a notice/request for submission.

(d)In cases where the deadline for the submission of a tax return or payment of a tax or other liability falls on a Saturday or Sunday or Public holiday, the deadline for complying with these obligations is extended until the next business day

(e)Any person who is fraudulently delaying or omitting to pay taxes or any person who delays payment of withheld taxes i.e. from salaries (such as PAYE and special contribution), payments to non-residents (such as films and royalties), as well as defence tax withheld from dividends, interest and rental income is guilty of a criminal offence and is liable to fines and imprisonment in the case of individuals. In the case of a company the directors, executive managers and accountants are also liable for penalties and imprisonment;

Tax Due Dates for Payment of Social Insurance Contributions of Self-Employed

Months and dates to which the contributions relate:

January-March / 10th of following May

April-June / 10th of following August

July-September / 10th of following November

October-December / 10th of following February

Notes:

Every employer or self-employed individual who fails to pay the contributions within the time limit, is obliged to pay an additional penalty in the range of 3% and 27%, depending on the period of delay, calculated on the amount of contributions due for payment.

NOTE
The tax information contained in this publication is accurate as at the date of its publication. The information in this publication is designed to increase the reader’s general awareness of the Cyprus Tax System and in no case this publication can substitute proper professional advice and specialized solutions that may be specifically applicable to your own needs.