Extension of 2020 IR1, IR4 & IR7 Forms Submissions Revised deadline 30 September 2021 UPDATE: Submission of IR1 extended to 30 November 2021. Click for more details. In accordance with the amendment of the Assessment and Collection of Taxes law published on 20 April 2021, which was driven by the to the prolonged crisis and the adverse economic conditions caused by COVID-19, [...]
2nd Provisional Tax / Temporary Tax 2020 Cyprus Provisional Tax Calculation 2nd Self Assessment 2020 Temporary tax assessments Taxpayers must submit their 1st and 2nd temporary tax return before the 31st of July and 31st of December of each year, respectively, based on their estimated current year’s taxable income and pay the corresponding temporary tax. The temporary tax payments must be made [...]
Extension of Income Tax Form Deadline for 2019 Cyprus Tax Update Tax Update The Tax department announced today (20/10/2020) that the deadline for submitting the electronic income declaration for 2019 for employees and self-employed (Form IR.1 employee), whose gross income exceeds €19,500, as well as the payment of the final tax due according to their income tax form (self-assessment) for 2019, is [...]
Tax Update – Tax DeadlinesUpcoming Tax Deadlines Income Tax Return 2019 for individuals - deadline 31/10/2020 Annual Levy 2020 - deadline 31/12/2020 1. Income Tax Return 2019 Individual resident in Cyprus are liable to income tax in accordance with the Income Tax Law in respect of their worldwide income. An individual is resident in Cyprus, if he/she resides therein for a period or more which in aggregate exceed 183 days. Non- tax [...]
Easily calculate your Cyprus Dividend Taxes Using our Dividend Tax calculator Our dividend tax calculator quickly calculates the defence and GHS (GESY) contribution. Moreover, our calculator takes into account your tax residency, country of domicile and other GHS contributions to correctly calculate your dividend taxes. It is so simple, you only need to enter your gross dividends, select the dividend distribution period and the rest is done automatically. Click to Access Our calculator [...]
Download our Quarter 3 2020 – Tax UpdateThis version of our tax update covers the following areas: Upcoming tax deadlines and how we can assist you 1st provisional tax payment for 2020 Employers return for 2019 Final self assessment for 2019 List of resources and calculators to assist with your daily business and tax requirement
ANNOUNCEMENT The Tax Department announced that the date of submission of the 2019 Income Statement for: (a) employees and retirees (IR1) and (b) self-employed whose turnover does not exceed € 70,000 (IR1 self-employed), as well as the payment of the corresponding tax, is extended until October 30, 2020 at 23:59 (ΚΔΠ 247/2020). It should be noted that that the obligation to submit an Income Statement (IR1) form for the year 2019, arises ONLY [...]
2nd Self Assessment 2019 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 [...]
The Tax Department (“TD”) has published an Informative Guide which explains the tax treatment of certain benefits offered by employers to employees and persons who hold or are deemed to hold an office. The Informative Guide provides clear guidelines as to the proper valuation of the benefits in kind, for the purpose of consistency, clarity and uniformity, clearing any ambiguities. In addition, the TD issued Circular 32 and Circular 37 both of which provide additional [...]
The most common question when it comes to the decision to incorporate your business is "What will be my tax saving?". Our incorporation calculator aims to provide a quick answer to what will be your tax saving from from incorporating your business. However, the decision to incorporate your business should take into account other benefits in addition to tax savings. Incorporating a business offers a range of benefits including protections of the owners [...]
