End of each month
— Payment of tax deducted from employees salary (PAYE) in the preceding month.
— Payment of special contribution for defence withheld on payments of dividends, interest or rents (when the tenant is a company, partnership, the state or local authority) made to Cyprus tax residents in the preceding month.
— Payment of tax withheld in the preceding month on payments to non- Cyprus residents.
31 January
— Submission of declaration of deemed dividend distribution (IR623) for the year ended 31 December 2011.
31 March
— Electronic submission of the 2012 corporation tax return (IR4) for accounting periods ending on 31 December 2012 (IR4).
— Electronic submission of the 2012 income tax return of physical persons preparing audited financial statements (2).
30 April
— Payment of premium tax for life insurance companies – first instalment for 2014.
30 June
— Payment of special contribution for defence for the first six months of 2014 on rents and on dividends or interest from sources outside Cyprus.
31 July
— Electronic submission by employers of the total 2013 payroll (Form IR7).
— Submission of the 2014 provisional tax return and payment of the first instalment.
— Electronic submission of 2013 personal tax returns of individuals whose incomes do not include income from a trade/business, rents, dividends, interest, royalties nor income relating to trading goodwill (1).
1 August
— Payment of 2013 final corporation tax under the self-assessment method.
— Payment of 2013 personal income tax under the self assessment method by individuals preparing audited financial statements (2).
31 August
— Payment of premium tax for life insurance companies – second instalment for 2014.
30 September
— Submission of 2013 personal tax returns of individuals not required to prepare audited financial statements but whose incomes include income from a trade/business, rents, dividends, interest, royalties or income
relating to trading goodwill (1) (2) and payment of tax via the self assessment method.
— Payment of immovable property tax for 2014.
31 December
— Payment of provisional tax – second and last instalment for 2014.
— Payment of special contribution for defence for the last six months of 2014 on rents and on dividends or interest from sources outside Cyprus.
— Payment of premium tax for life insurance companies – third and last instalment for 2014.
Interest and Penalties
The official interest rate, as set by the Finance Minister, is 4,50% per annum for all amounts due after 1 January 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).
In addition to the interest, penalties are also charged depending on the circumstances.
NOTES
1. Physical persons are required to submit personal tax returns only when their gross income exceeds €19.500.
2. A physical person is obliged to submit audited financial statements if his/her turnover exceeds €70.000 annually.