M.Target Group would like to remind you that all Cyprus tax resident companies have to pay the provisional tax based on the estimated current year’s profits (2018) in two installments:
- 1st installment: 31st July 2018 (please refer to the following announcement regarding extension of the payment deadline until August 31, 2018 – https://mtargetgroup.com/extension-submission-deadline-provisional-tax-cyprus/);
- 2nd installment: 31st December 2018
- If provisional tax is not paid, a penalty of 10% is imposed on the actual tax to be paid;
- If the temporary income declared is lower than 75% of the final taxable income, the taxpayer must pay an additional tax equal to 10% of the difference between the final and temporary tax;
- If the tax is still not paid before August 1, 2019, an additional penalty of 5% will be imposed on the unpaid tax amount;
- After August 1, 2019, another 3.5% per annum will be charged on the amount of unpaid tax.
Our specialists are always ready to help you and provide with professional support. For any further information or clarifications please contact us.