M. Target Group. Your Business & Tax Consultants on Cyprus

3016 Limassol, Cyprus

41, Misiaouli & Kavazoglou Street, 2nd Floor, Office 201

+357 25 87 14 14

Fax: +357 25 10 61 55

+357 96 63 66 26

WhatsApp, Viber

Cyprus Tax Calendar 2020

Cyprus Tax Calendar 2020

Tax Due Dates by Month

End of each month

  • Payment of tax deducted from employees salary (PAYE) in the previous month.
  • Payment of special contribution for defence withheld on payments of dividends, interest or rents (when the tenant is a Cyprus company, partnership, the Government or any local authority), made to Cyprus tax residents in the previous month.
  • Payment of tax withheld on payments made to non-tax residents during the previous month.
  • Payment of Social Insurance and General Healthcare Contributions deducted from employees’ salaries during the previous month.

31 January

  • Submission of the declaration of deemed dividend distribution (Form IR623) for the year ended 31 December 2017.

30 April

  • Payment of the first instalment  of premium tax for life insurance companies.

1 June

(* Extended for two months from 31 March 2020)

  • Electronic submission of 2018 tax returns (Form IR4) for companies.
  • Electronic submission of 2018 tax return (Form IR1) for physical persons preparing audited financial statements.

30 June

  • Payment of 2020 special contribution for defence (SCD) on rents, dividends or interest under self-assessment from sources outside Cyprus for the first six months of 2020 (Form IR601).
  • Payment of 2020 General Health Contributions on rents, dividends or interest under self-assessment for the first six months of 2020.
  • Payment of €350 Annual Levy for the year 2020 (extended until 31 December, 2020).

31 July

  • Payment of 2019 personal income tax under the self-assessment method by individuals not preparing audited financial statements (employees and self-employed).
  • Electronic submission of the Employer’s Return for the tax year 2019 (Form IR7).
  • Electronic submission of the personal income tax returns (Form IR1) for 2019 for salaried individuals whose gross income exceeds €19,500.
  • Submission of 2020 provisional tax assessment and payment of the first instalment for the both individuals and companies.

1 August

  • Payment of 2019 final corporation tax under the self-assessment method (Form IR158).
  • Payment of 2019 personal income tax under the self-assessment method by self-employed individuals preparing audited financial statements.

31 August

  • Payment of the second instalment  of premium tax for life insurance companies.

30 September

  • Electronic submission of 2019 personal income tax return (Form IR1) for self-employed individuals not required to prepare audited financial statements.
  • Payment of 2019 personal income tax under the self-assessment method for self-employed individuals not required to prepare audited financial statements.

31 December

  • Payment of the second and last instalment of 2020 provisional tax.
  • Payment of 2020 special contribution for defence on rents, dividends or interest from sources outside Cyprus for the second six months of 2020.
  • Payment of 2020 General Health Contributions on rents, dividends or interest under self-assessment for the second six months of 2020.
  • Payment of third and last instalment of premium tax for life insurance companies.

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).

A penalty of 5% is imposed on the unpaid tax. An additional 5% is added if the tax remains unpaid 2 months after the payment deadline.

This publication has been prepared as a general guide and for information purposes only. It is not a substitution for professional advice. Authors or the publishers accepts no duty of care or liability for any loss occasioned to any person acting or refraining from action as a result of any material in this publication.

Sign up for our Newsletter

SUBSCRIBE TO OUR NEWSLETTER to stay up to date on the latest industry news, tax calendar events, and our team achievements