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Tax Diary 2017

 
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 2014. 31 January
   
Submission of personal tax returns for 2017 by salaried individuals whose gross income exceeds €19.500

30 April
(Extension up to 31/07/2017 for Electronic submission)  

   
Submission of employers’ return and employees’ details for 2017. (Extension up to 31/07/2017 for Electronic submission)
   
Payment of provisional tax by insurance companies (life business) for the first four months of 2017.  
   
Submission of personal tax return for 2017 by individuals who do not prepare audited accounts if their gross income exceeds € 19.500.

30 June
(Extension up to 30/09/2017 for Electronic submission)

   
Payment of tax balance for 2016 through self assessment by individuals who do not prepare audited accounts.  
   
Payment of special contribution for defence in relation to rents, dividends or interests from sources outside Cyprus for the first half of 2017.  
   
Submission of provisional tax assessment for 2017 and payment of the first installment. 31 July
   
Payment of 2016 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 2017. 31 August
   
Payment of immovable property tax for 2017. 30 September
   
Submission of 2016 tax returns for individuals and companies preparing audited accounts. 31 December (Extension up to 31/03/2018 for Electronic submission) 
   
Payment of the second installment of 2017 provisional tax.  
   
Payment of special contribution for defence in relation to rents, dividends or interest from sources outside Cyprus for the second half of 2017.  
   
Payment of provisional tax by insurance companies (life business) for the last four months of 2017.  
 

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.

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 2017 was set at 3.5%. (4% for 2015-2016)