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Evidentrust Financial Services Ltd
Evidentrust Financial Services Ltd

Tax Updates

Income Tax return 2023

2024-05-20T16:07:12+03:0020/05/2024|Tax Updates|

Income Tax Return 2023 Deadline 31/07/2024 SUBMISSION OF PERSONAL INCOME STATEMENT 2023 The Tax Department announced that the 2023 Income Tax return for individuals  is available at the TaxisNet system at the address https://taxisnet.mof.gov.cy. Based on Decree of the Council of Ministers (KDP 184/20223) obligation to submit a Personal Income Statement for the year 2023 have Employees, Pensioners and Self Employed whose [...]

Annual Levy abolished from 2024 onwards

2024-03-22T12:08:21+02:0022/03/2024|Tax Updates|

Annual Levy abolished from 2024 onwards The Department of Registrar of Companies and Intellectual Properties announced that, according to the Amending Companies Law 2024, N.25(I)/2024, published in the Official Gazette of the Republic on March 15, 2024, the annual levy for the companies registered in the Cyprus' Registrar of Companies will be abolished from 2024 onwards.However, it should be noted that the annual levies for the years [...]

Deemed Dividend Distribution for 2023

2023-12-08T14:28:34+02:0008/12/2023|Tax Updates|

Deemed Dividend Distribution for 2023 Deadline 31/01/2024 Cyprus tax resident companies with accounting profits for the tax year 2021 that fall within the DDD provisions, must declare at least 70% of its accounting profits of the year 2021 by 31 December 2023 and where applicable, pay the relevant Special contribution for defence of 17% and National Health Contribution of 2,65% by 31 [...]

Second Provisional Tax 2023

2023-11-29T11:04:37+02:0029/11/2023|Tax Updates|

Second Provisional Tax / Temporary Tax Assessment for 2023 Deadline 31/12/2023 Second Provisional Tax for 2023 The second temporary tax return for 2023 must be submitted and the corresponding tax to be paid by the 31st of December 2023. 1. Introduction to temporary tax assessments 1.1. Applicable to: Cyprus Companies with taxable income Individuals with taxable income other than salaries, pensions, dividends [...]

First Provisional Tax 2023

2023-07-05T10:55:47+03:0005/07/2023|Tax Updates|

First Provisional Tax / Temporary Tax Assessment for 2023 Deadline 31/07/2023 First Provisional Tax for 2023 The first temporary tax return for 2023 must be submitted and the corresponding tax to be paid by the 31st of July 2023. 1. Introduction to temporary tax assessments 1.1. Applicable to: Cyprus Companies with taxable income Individuals with taxable income other than salaries, pensions, dividends [...]

Tax Deadline Extension for 2022 Tax Return for individuals

2023-06-09T17:38:43+03:0009/06/2023|Tax Updates|

Tax Deadline Extension for submission of 2022 Tax returns Individuals (not preparing accounts) to 2 October 2023 We would like to inform you that the Tax Department announced the extension of the deadline for the submission of the Tax Return for Individual for the year 2022 is until the 2nd of October 2023. As mentioned in a previous announcement by the Tax Department [...]

Annual Levy 2023

2023-06-07T10:05:39+03:0007/06/2023|Registrar of Companies, Tax Updates|

Annual Levy for Cyprus Companies for 2023 Deadline 30/06/2023 Reminder for the payment of  the Annual Levy for 2023 by 30 June 2023 Introduction All Cyprus Companies are required to pay the Annual Levy of €350 to the Registrar of Companies by the 30 June every year. The Annual Levy is paid by all Cyprus companies, irrespective of whether they are active [...]

Employers Return (IR7) 2022

2023-05-25T17:39:04+03:0025/05/2023|Tax Updates|

Employers Return (IR7) 2022 Deadline 31/05/2023 We would like to remind that the electronic submission of the Employers’ Return of the year 2022 (IR7 form) is due for submission on 31 May 2023. Failure to comply with the submission deadline will result in a penalty of €100. The IR7 form entitled “Employer’s Return of Employees” is a summary statement of employees’ data, statement of [...]

Tax For All – Stage 1

2023-03-20T09:45:52+02:0020/03/2023|Tax Updates|

Tax For All - Stage 1 VAT Launch 27 March 2023 The Tax department announced that from 27 March 2023 all tax obligations for VAT purposes will be processed exclusively, through Tax For All – TFA. For the convenience tax payers at this transitional stage, the Tax Department announced an extension to the deadline for submitting VAT Returns as follows: VAT Periods [...]

Deemed Dividend Distribution for 2022

2023-01-18T13:30:48+02:0018/01/2023|Tax Updates|

Deemed Dividend Distribution for 2022 Deadline 31/01/2023 Summary Companies with accounting profits for the tax year 2020 that fall within the DDD provisions, would have to declare an appropriate amount of dividend, in order to meet the 70% threshold of distributed profits on or before 31 December 2022 and where applicable, pay the relevant SDC and GESY by the end of the following [...]