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Cyprus Tax Calendar 2021

Deadline Description
31 January
  • Submission of the Deemed Dividend Distribution declaration (Form IR623) for the year ended 31 December 2018
31 March
  • Electronic submission of 2019 corporate tax returns (Form IR4)
  • Electronic submission of 2019 tax return (Form IR1) for individuals preparing audited financial statements

Extended to 30 September 2021

30 April
  • Payment of premium tax for life insurance companies – 1st instalment for 2021 (Form IR199)
31 May
  • Electronic submission of the 2020 Employer’s Return (Form IR7)
30 June
  • Payment of the Annual Levy of €350 for the year 2021
  • Payment of Special Contribution for Defence (SDC) and General Health Contribution (GHS) for the first six months of 2021 on dividend or interest income from sources outside Cyprus, and on rental income if such tax is not withheld at source by tenant (Form IR601) as self-assessment.
31 July
  • Electronic submission of the 2021 provisional tax return and payment of the first instalment of provisional tax by individuals and companies
  • Electronic submission of the 2020 personal tax return (Form IR1) by individuals not preparing audited financial statements (employees and self-employed) and payment of the relevant income tax liability
1 August
  • Settlement of the 2021 final corporation tax and personal tax for individuals preparing audited accounts.
31 August
  • Payment of premium tax for life insurance companies – 2nd instalment for 2021 (Form IR199)
31 December
  • Payment of the second and last instalment of provisional tax by individuals and companies
  • Payment of premium tax for life insurance companies – 3rd instalment for 2021 (Form IR199)
  • Payment of Special Contribution for Defence (SDC) and General Health Contribution (GHS) for the last six months of 2021 on dividend or interest income from sources outside Cyprus, and on rental income if such tax is not withheld at source by tenant (Form IR601) as self-assessment.

Penalties due by the end of each month

  • Payment of tax withheld from employees salary (PAYE) in the previous month
  • Payment of Special Contribution for Defence withheld on payments of dividends, interest or rents (when the tenant is a Cyprus company, partnership, the state or local authority), made to Cyprus tax residents in the previous month
  • Payment of tax withheld on payments made to non-tax residents of Cyprus during the previous month
  • Payment of Social Insurance and General Healthcare Contributions deducted from employees’ emoluments during the previous month
  • Submission of VAT return and payment of VAT amount due by the 10th of the second month after the end of the VAT period
  • Submission of Intrastat form by the 10th of the month following the end of the VAT period
  • Submission of VIES form for goods and services by the 15th of the month following the end of the reporting month

Tax Due Dates for Payment of Social Insurance Contributions of Self-Employed

Months to which the contributions relate: Deadlines
January – March 10th of following May
April – June

10th of following August

July – September

10th of following November

October – December

10th of following February

Penalties

An administrative penalty of up to €200 (depending on the specific case) is imposed for the late submission of either a tax return or supporting documentation requested by the Tax Commissioner.

In case of late payment of tax due, a penalty of 5% is imposed on the tax amount due. An additional penalty of 5% is imposed if the tax remains unpaid 2 months after the payment deadline.

The public interest rate applicable on late payment of taxes, as set by the Minister of Finance, for all amounts due after 1 January 2020 is 1,75% (2% for 2019, 3,5% for 2018 and 2017, 4% for 2016 and 2015, 4,5% for 2014, 4,75% for 2013, 5% for years 2012 and 2011, 5,35% for the year 2010, 8% for the years 2007‐2009 and 9% up to 31 December 2006).

Notes

Disclaimer:

Disclaimer:

The Cyprus Tax Calendar (the “Calendar”) published by Evidentrust Financial Services Ltd is not a legal or Tax advice. This Calendar has been prepared as a general guide for information purposes only as many other tax aspects should be taken into account. Please note that it is not a substitution for professional advice or an advice at all. One must not rely on the Calendar without receiving independent advice based on the particular facts of his/her/its own case. No responsibility can be accepted by the authors/creators or the company for any loss occasioned by acting or refraining from acting on the basis of this publication.

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