Tax Diary

2020

End of each month

  • Payment of tax deducted from employee’s 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 (TD623) for the year ended 31 December 2017.

 

31 March ** Extended for two months

  • Electronic submission of the 2018 corporation tax return (Form IR4) for accounting periods ending on 31 December 2018 (TD4).

  • Electronic submission of the 2018 income tax return of physical persons (Form IR1) preparing audited financial statements (2).

 

31 April

  • Payment of premium tax for life insurance companies – first instalment for 2020.

1 June

  • Electronic submission of the 2018 corporation tax return (Form IR4) for accounting periods ending on 31 December 2018 (TD4).

  • Electronic submission of the 2018 income tax return of physical persons (Form IR1) preparing audited financial statements (2).

 

30 June

  • Payment of 2020 special contribution for defense (SCD) on rents, dividends or interest under self-assessment from sources outside Cyprus for the first six months of 2020 (Form IR601).

  • Payment of 2020 General Health Contributions on rents, dividends or interest under self-assessment for the first six months of 2020.

  • Payment of €350 Annual Levy for the year 2020 (extended until 31 December, 2020).

 

31 July

  • Payment of 2019 personal income tax under the self-assessment method by individuals not preparing audited financial statements (employees and self-employed).

  • Electronic submission of the Employer’s Return for the tax year 2019 (Form IR7).

  • Electronic submission of the personal income tax returns (Form IR1) for 2019 for salaried individuals whose gross income exceeds €19,500.

  • Submission of 2020 provisional tax assessment and payment of the first instalment for the both individuals and companies.

 

1 August

  • Payment of 2019 final corporation tax under the self-assessment method.

  • Payment of 2019 personal income tax under the self-assessment method by self-employed individuals preparing audited financial statements (2).

 

31 August

  • Payment of premium tax for life insurance companies – second instalment for 2020.

 

30 September

  • Electronic submission of 2019 personal income tax return (Form IR1) for self-employed individuals not required to prepare audited financial statements.

  • Payment of 2019 personal income tax under the self-assessment method for self-employed individuals not required to prepare audited financial statements.
     

31 December

  • Payment of the second and last instalment of 2020 provisional tax.

  • Payment of 2020 special contribution for defence on rents, dividends or interest from sources outside Cyprus for the second six months of 2020.

  • Payment of 2020 General Health Contributions on rents, dividends or interest under self-assessment for the second six months of 2020.

  • Payment of third and last installment of premium tax for life insurance companies.
     

Interest and Penalties

The official interest rate, as set by the Finance Minister, for all amounts due as from 1 January 2020 is 1.75% (2% for 2019, 3.5% for 2017-2018, 4% for 2015-2016, 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).

 

In addition to the interest, penalties are also charged depending on the circumstances.

Copyright © 2019 2PlusAudit All rights reserved.