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Cyprus Provisional Tax / 2nd Self-Assessments Calculator

2nd Self Assessment

Temporary Tax Assessments

Taxpayers must submit their temporary tax return before the 31st of July of each year based on their estimated current year’s taxable income and pay the corresponding temporary tax. The temporary tax payments must be made on the estimated current year profit in two equal installments, on 31st July and 31st December.

The estimated taxable income declared under self assessments can be revised (upwards/downwards) any time prior to 31st of December of the current tax year.

However, in case a revised provisional tax declaration results in a refund of the provisional tax already paid, the refund will be assessed by the Cyprus tax authorities upon their examination of the submitted final income tax return of the company. It is therefore very important that the company calculates its provisional tax declaration on a conservative basis on its taxable profits

It should be noted that if there is no taxable income,then it is not required to submit the temporary tax return.

Final Tax Assessment

The final payment of any tax due must be made on the 1st of August of the following year of assessment , in order to bring the total installment payments to the level of the actual liability due (as per the actual tax liability determined).


Using our calculator

Use our 2nd temporary tax calculator to estimate the 2nd provisional tax payment for 2018.

The calculator takes into account the chargeable income for the year, losses from previous year and any interest & penalties applicable in case the payment is not made on time. In addition, if the taxable income was revised under the 2nd tax assessment, then the form will also calculate any interest which is applicable on the portion of tax which should have been paid under the 1st assessment.

 

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Resources

For additional information on temporary tax payments our site, including information about interest, penalties, additional tax, due dates and illustrations.

Click to access our Additional information

 


This form is not a legal or TAX advice and no one should rely on it. This form has been prepared as a general guide for information and purposes only as many other tax aspect should be taken into account. It is not a substitution for professional advice or an advice at all. One must not rely on it without receiving independent advice based on the particular facts of his/her/its own case. No responsibility can be accepted by the authors or the company for any loss occasioned by acting or refraining from acting on the basis of this publication.