By the end of next month
- Payment of PAYE deducted from employees’ emoluments.
- Payment of tax withheld on payments made to non-Cyprus residents.
- Payment of special contribution for defense withheld on payments of dividends, interest or rent to Cyprus tax residents (where the tenant is a Cyprus company, partnership, the Government or local authority).
- Payment of Social Insurance deducted from employees’ emoluments.
31 January
- Submission of the deemed dividend distribution declaration (I.R.623) for the year ended 31 December 2015.
31 March
- Electronic submission of the Income Tax Return (I.R.4) for 2016 for companies.
- Electronic submission of the Income Tax Return (I.R.1) for individuals preparing audited financial statements.
30 April •
Non-electronic submission of the 2017 Personal Income Tax Return (I.R.1) of individuals whose gross income exceeds €19,500.
30 June
- Payment of 2017 personal income tax through self-assessment by individuals not preparing audited financial statements.
- Payment of special contribution for defense on rents, dividends or interest from sources outside Cyprus for the first six months of 2018.
- Payment of the Annual Levy of €350 for the year 2018.
31 July
- Electronic submission of the 2016 Personal Income Tax Return (I.R.1) by salaried individuals whose gross income exceeds €19,500 for the tax year 2017.
- Electronic submission of the 2017 employer’s return (I.R.7).
- Submission of the 2018 Temporary Tax return (I.R.6) and payment of the first installment.
1 August
- Payment of the 2017 final corporation tax under the self-assessment method.
- Payment of 2017 personal income tax under the self-assessment method by individuals preparing audited financial statements.
31 December
- Payment of the second and last installment of the 2018 Temporary Tax.
- Payment of special contribution for defense on rents, dividends or interest from sources outside Cyprus for the last six months of 2018.
Interest and Penalties.
An administrative penalty of €100 or €200 (depending on the specific case), is imposed for the late submission of a tax return. In the case of late payment of the tax due, an additional penalty at the rate of 5% is imposed on the unpaid tax. The official interest rate for late payment is set annually by the Finance Minister.
The interest rate valid from 1 January 2018 is 3.5% (3.5% for the year 2017, 4% for the years 2016 and 2015, 4.5% for the year 2014, 4.75% for the year 2013, 5% for the years 2012 and 2011, 5.35% for the year 2010, 8% for the years 2007-2009).
