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TEMPORARY TAX 2024

 

According to the Cyprus Income Tax Law (ITL), all companies and self-employed individuals that expect to have taxable income for the tax year 2024 must estimate and declare such taxable income and pay the resulting tax in the form of two equal provisional instalments as follows:

• Until 31 July 2024 – payment of the 1st provisional tax instalment;
• Until 31 December 2024 – Payment of the 2nd provisional tax instalment.

Interest and penalties on late payments are imposed on a complete month basis, therefore, no interest or penalties will apply if payments of the provisional tax instalments are made on or before 31 August 2024 and 31 January 2025 respectively.

If the provisional taxable income declared is less than 75% of the final taxable income for the tax year as calculated based on audited financial statements, the company will be liable to a 10% additional tax imposed on the difference between the actual tax liability and temporary tax paid.

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