End of each month
Payment of PAYE deducted from employees’ salaries for the previous month (IR 61A form).
Payment of Social Insurance contributions and GESY deducted from employee’s salaries for the previous month.
Payment of special contribution for defense deducted from dividends, interest or rent paid for the previous month. Companies, partnerships, the Government or any local authority that pays rent have the obligation to withhold special defense contribution on the amount of the rent paid (IR 601 form).
31 January
Submission of the deemed dividend distribution declaration (IR623) for the tax year 2017.
31 March
Electronic submission of the 2018 income tax return (IR4) of companies and self-employed individuals preparing audited financial statements.
30 June
Payment of tax balance for 2019 through self-assessment by individuals who do not prepare audited accounts.
Payment of special contribution for defense and GESY in relation to dividends or interests from sources outside Cyprus for the first half of 2020 (IR 601 form).
Payment of special contribution for defense and GESY in relation to gross rents (less 25%) from sources within or outside Cyprus for the first half of 2020 (IR 601 form).
31 July
Electronic submission of personal tax returns (IR 1 form) for 2019 by salaried individuals.
Electronic submission of employers’ return and employees’ details for 2019 (IR7).
Payment of the first installment of 2020 temporary tax.
1 August
Payment of 2019 tax liability through self-assessment by companies and individuals preparing audited accounts (IR 158 form).
30 September
Electronic submission of personal tax return (IR 1 form) for 2019 by self-employed individuals who do not prepare audited accounts.
31 December
Payment of the second installment of 2020 temporary tax.
Payment of special contribution for defense and GESY in relation to dividends or interests from sources outside Cyprus for the second half of 2020 (IR 601 form).
Payment of special contribution for defense and GESY in relation to gross rents (less 25%) from sources within or outside Cyprus for the second half of 2020 (IR 601 form).
Within 30 days
Payment of Capital Gains Tax.
Issue invoices within 30 days from date of transaction.
Within 60 days
Companies must obtain a Tax Identification Code (TIC) within 60 days from incorporation with the Registrar of Companies. This also applies to companies incorporated abroad that become tax residents in Cyprus (IR 162 form).
Companies must notify the Inland Revenue of changes to its details (eg change in registered office etc) within 60 days from the change (IR 162 form).
Four months from the end of the transaction
Books and records of a business which is obliged to keep accounting records must be updated within 4 months from the date of the transaction.
At the end of the financial period
Companies which have inventory must perform an annual stock take around the year-end.
Within timeframe specified by Inland Revenue
Submission of information which has been requested in writing by the Inland Revenue.
Penalties and Interest
Penalties amounting to €100 or €200 depending on the specific case will be imposed for late submission of declarations or late submission of supporting documentation requested by the Commissioner. In the case of late payment of the tax due, an additional penalty at the rate of 5% will be imposed on the unpaid tax.
The rate of interest for late payment of tax is determined by the Minister of Finance through a decree and it is applicable for the whole year. The rate for 2020 was set at 1.75%.
Feel free to contact us for any questions or clarification you may have.
