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Tax Diary 2018

 

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

 

 

 

Submission of the deemed dividend distribution declaration for the tax year 2015.

31 January

   
   

Electronic submission of 2016 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 2018.

 30 April

 

 

Payment of tax balance for 2017 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 2018.

 

 

 

Electronic submission of employers’ return and employees’ details for 2017.

31 July

   

Submission of provisional tax assessment for 2018 and payment of the first installment.

 
   

 

 

Electronic submission of personal tax returns for 2017 by individuals whose gross income exceeds € 19.500.

 
   

Payment of 2017 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 2018.

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

   

Payment of immovable property tax for 2017.

 

 

 

Submission of the 2018 Revised Provisional Tax returns and payment of the second installment of 2018 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 2018.

 

 

 

Payment of provisional tax by insurance companies (life business) for the last four months of 2018.

 
   
   

 

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 2018 was set at 3.5%.