Tax diary – Cyprus 2016

31 January
• Submission of declaration of deemed dividend distribution (Form IR623) for the year ended 31 December 2013.

31 March
• Electronic submission of the 2014 corporation income tax return (Form IR4)
• Electronic submission of the 2014 income tax return (Form IR1) for physical persons preparing audited financial statements.

30 April
• Payment of premium tax for life insurance companies – first instalment for 2016.

30 June
• Payment of special contribution for defence in relation to rents, dividends or interest from sources outside Cyprus for the first six months of 2016 (Form IR601).
• Payment of the 2015 personal income tax under a self-assessment method by employees and self-employed individuals not preparing audited financial statements (the turnover does not exceeds €70.000 annually).
• Payment of the annual levy (€350) for the year 2016.

31 July
• Electronic submission of the personal income tax return (Form IR1) for 2015 by salaried individuals whose gross income exceeds €19.500
• Electronic submission by employers of the Employer’s Return for 2015 (Form IR7).
• Submission of the 2016 temporary tax assessment and payment of the first installment for both individuals and companies.

1 August
• Payment of the 2015 final corporation tax under the self-assessment method (Form IR158).
• Payment of the 2015 personal income tax under the self-assessment method by individuals preparing audited financial statements.

31 August
• Payment of premium tax for life insurance companies – second installment for 2016.
• Payment of the immovable property tax for 2016 (with a discount of 10% on the tax due).

30 September
• Electronic submission of personal tax return for 2015 by self-employed individuals not preparing audited financial statements.
• Payment of immovable property tax for 2016 (without a discount 10% on the tax due).

31 December
• Payment of temporary tax – second and last installment for 2016.
• Payment of special contribution for defence in relation to rents, dividends or interest from sources outside Cyprus for the second six months of 2016 (Form IR601).
• Payment of premium tax for life insurance companies (third and last installment for 2016).

End of each month
• Payment of tax deducted from employees salary (PAYE) in the preceding month.
• Payment of special contribution deducted from employees salary in the preceding month.
• Payment of special contribution for defence withheld on payments of dividends, interest or rents (when the tenant is a company or partnership), made to Cyprus tax residents in the preceding month.
• Payment of social insurance deducted from employees salaries in the preceding month.

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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.

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