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Tax Diary 2019

 

Taxes

Due Date

 

 

PAYE deducted from employees’ salaries for the previous month.

End of each month

 

 

Defence contribution deducted from dividends, interest or rent paid for the previous month

End of each month

 

 

Submission of the deemed dividend distribution declaration for the tax year 2016.

31 January

   
   

Electronic submission of 2017 income tax returns for individuals and companies preparing audited accounts.

 31 March

   

Payment of provisional tax by insurance companies (life business) for the first four months of 2019.

 30 April

 

 

Payment of tax balance for 2018 through self assessment by individuals who do not prepare audited accounts.

 30 June

 

 

Payment of special contribution for defence in relation to rents, dividends or interests from sources outside Cyprus for the first half of 2019.

30 June

 

 

Electronic submission of employers’ return and employees’ details for 2018.

31 July

   

Submission of provisional tax assessment for 2019 and payment of the first installment.

31 July
   

 

 

Electronic submission of personal tax returns for 2018 by individuals whose gross income exceeds € 19.500.

31 July
   

Payment of 2018 tax balance through self assessment by individuals and companies preparing audited accounts.

1 August

 

 

Payment of provisional tax by insurance companies (life business) for the second four months of 2019.

31 August

 

 

Electronic submission of personal tax return for 2017 by individuals who do not prepare audited accounts if their gross income exceeds € 19.500.

30 September

   

 

 

Submission of the 2019 Revised Provisional Tax returns and payment of the second installment of 2019 provisional tax.

 31 December

 

 

Payment of special contribution for defence in relation to rents, dividends or interest from sources outside Cyprus for the second half of 2019.

31 December

 

 

Payment of provisional tax by insurance companies (life business) for the last four months of 2019.

31 December
   
   

 

Administrative penalties:
Administrative 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. Also an additional penalty of 5%is imposed if the tax remains unpaid 2 months after the payment deadline

Note:
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%.

The applicable interest rates for the previous years are as follows:

Period

  

Interest Rate %
Up to  -  31/12/2006   9
01/01/2007  -  31/12/2009   8
01/01/2010  -  31/12/2010   5.35
01/01/2011   31/12/2012   5
01/01/2013   31/12/2013   4.75
01/01/2014  -  31/12/2014   4.5
01/01/2015  -  31/12/2016   4
01/01/2017  -  31/12/2018   3.5
01/01/2019  -      2