Tax Calendar
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INFORMATION
Find out about taxes
Our well experienced and highly technical Tax Department team offers an extensive range of tax advisory services to safeguard your wealth, mitigate your tax liability, manage your local and foreign business interests, and ensure compliance with all applicable tax filing requirements.
Keeping a tax diary is very important if you want to be proactive and up to date with your tax compliance obligations in order to avoid paying unnecessary interest and penalties.
This way, you will always be up to date and know exactly your tax-due dates and plan accordingly. Of course, you could pay your taxes and submit the relevant returns
before the deadline, which will ensure that no interest and penalties will be imposed.
The tax diary below shows the Cyprus tax due dates for 2023 by month that apply to both individuals and companies.
31st January | √ Submission of the Deemed Dividend Distribution declaration (Form IR623) for the profits of tax year 2020 and payment of relevant SDC contributions and General Health Contribution (GESY) | |
31st March | √ Electronic submission of 2021 tax returns (Form IR4) for companies | |
√ Electronic submission of 2021 tax return (Form IR1) for physical persons preparing audited financial statements | ||
30th April | √ Payment of the first installment 2023 of premium tax for life insurance companies | |
31st May | √ Electronic submission of 2022 Employer’s Return (Form IR7) | |
30th June | √ Payment of Special Contribution for Defence (SDC) and General Health Contribution (GESY) on rental, dividend or interest income under self-assessment from sources outside Cyprus for the first six months of 2023 (Form IR601) | |
√ Payment of €350 Annual Levy for the year 2023 | ||
31st July | √ Electronic submission of 2022 personal tax return (Form IR1) for individuals and payment of the relevant income tax liability | |
√ Submission of 2023 provisional tax return and payment of the first instalment of provisional tax by both individuals and companies | ||
1st August | √ Settlement of 2022 tax balance by companies and individuals submitting audited financial statements (Form IR158) | |
31st August | √ Payment of the second instalment 2023 of premium tax for life insurance companies | |
31st December | √ Payment of the second instalment 2023 of provisional tax by both individuals and companies | |
√ Payment of Special Contribution for Defence (SDC) and General Health Contribution (GESY) on rental, dividend or interest income under self-assessment from sources outside Cyprus for the last six months of 2023 (Form IR601) | ||
√ Payment of third and last instalment 2023 of premium tax for life insurance companies | ||
Due Dates for Social Insurance Contribution Payments
Employer | √ Social Insurance Contributions and General Healthcare Contributions are paid in the month following the month in which they are due. | |
Self - employed | √ 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, Interest and Other Charges
√ The annual interest rate, as set by the Finance Minister, for all amounts due after 1 January 2023 is 2.25%
(1.75% for 2020-2022 ,2% for 2019, 3.5% for 2017 and 2018, 4% for 2015 and 2016, 4.5% for 2014, 4.75% for 2013,
5% for 2011 and 2012, 5.35% for 2010, 8% for 2007-2009 and 9% up to 31 December 2006).
√ An additional tax of 5% is imposed in the event that any tax is due is not settled within thirty (30) days of the Last Payment Date.
√ 5% monetary fine is imposed when a person (natural or legal) omits to pay the tax due until the date stipulated in the Law or until
the date stipulated in any notice by the Commissioner.
√ Penalty of €100 or €200 (depending on the case) is imposed for the late submission of return.
√ Penalty of €85 (for every month) is imposed for delay registration to VAT Department.
√ Penalty of €51 (for each return) is imposed for late submission of the VAT return.
√ 10% monetary fine (on the VAT due) is imposed for late payment of the VAT liability.
Important Information
√ An individual who physically present in Cyprus for an aggregate period exceeding 183 days in the tax year, is a Cyprus tax residence.
Note: Personal tax exemptions are apply for new Tax residents and non-domiciled individuals.
√ Physical persons are required to submit personal tax returns (Form IR1), only when their gross annual income exceeds €19,500.
Chargeable income € | Tax Rates % | Tax € |
0-19.500 | 0 | 0 |
19.501-28.000 | 20 | 1.700 |
28.001-36.300 | 25 | 2.075 |
36.301-60.000 | 30 | 7.110 |
Over 60.000 | 35 |
√ Self-employed individual whose annual turnover exceeds €70.000 (income from trade/business, rents, dividends, interest receivable,
royalties or income relating to trading goodwill), is obliges to submit audited Financial Statements.
√ The threshold for compulsory VAT registration is €15,600.
Tax Advantages of a Cyprus Company
√ Corporate tax rate at 12,5% on profit
√ Dividend participation exemption
√ Exemption on disposal of securities (e.g. shares, bonds, debentures)
√ No withholding taxes on dividend, interest and royalty payments abroad
√ No capital gains tax
√ Notional interest deduction for investments into Cyprus companies
√ Tonnage tax for shipping companies
√ More than 60 double tax treaties
√ No succession taxes
√ Attractive IP regime