M. Target Group would like to remind that the following tax obligations are due on or before 31 December 2023:
Payment of Special Contribution for Defense (SDC) on rents, dividends or interest income from sources outside of Cyprus for the second six months of 2023. Tax can be paid within one month from the payment deadline (i.e. until 31 January 2024) without interest or penalties.
Payment of General Health Contributions (GeSy) on rents, dividends, or interest income for the second six months of 2023. Tax can be paid within one month from the payment deadline (i.e. until 31 January 2024) without interest or penalties.
Payment of premium tax for life insurance companies – 3rd installment for 2022
If the special contribution for defines is not retained or is retained but remains unpaid by the end of the month following June 30th and December 31st each year, pertaining to rents paid in the first and second semesters, respectively, a 2.25% interest rate will be applied.
Furthermore, a 5% penalty on the outstanding tax will be levied in cases where the tax is not paid promptly. An additional penalty of 5% is imposed if the tax remains unpaid 2 months after the payment deadline.
Please refer to our tax calendar for the year 2023, so that not to miss any important tax due dates and deadlines.
As always, M. Target Group specialists remain at your disposal should you require any further information, clarification or professional assistance with any tax matter.