3016 Limassol, Cyprus

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

+357 25 87 14 14

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

+357 96 63 66 26

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M. Target Group would like to remind that the deadline for electronic submission of declarations for SDC and GeSy contributions withheld on interest and dividend payments, made during the period from 1 January 2019 until 31 December 2021, is 31 January 2022.

For payments made from 1 January 2022 onwards, the declarations must be submitted by the end of the month following the month in which the withholding was made (i.e. the deadline is the same date as the due date of the payment of SDC and GeSy contributions withheld).

Obligation to Submit the Declarations

The submission of the declarations is mandatory for withholdings of SDC and GeSy contributions made from the year 2019 onwards (year of commencement of the GeSy Program).

The relevant declarations, which should be submitted via Taxisnet, are the following:

  • IR 602 – Declaration of withheld Special Contribution for Defence (SDC) from Interest, and
  • IR 603 – Declaration of withheld Special Contribution for Defence (SDC) from Dividends.

Penalties for Failure to Submit the Forms

A penalty of €100 will be imposed for failure to submit the declarations within the deadline.

Payments

With the final submission of the declarations, the tax due is automatically created in the computer system of the Tax Department and it appears in the Tax Portal the next day. Payments can then be made via internet banking, using the unique Payment Reference Number (PRN) made available by the Tax Portal.

As always, M. Target Group specialists remain at your disposal should you require any further information, clarification or professional assistance.

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