Tax deadlines in Cyprus

31 January

  • Submission of deemed dividends distribution declaration (TD 623) for the Tax year 2020.

28 February

  • For qualifying charterers, qualifying managers and qualifying owners of foreign-flagged vessels, tonnage tax declaration and payment of tonnage tax of 2022

31 March

  • Electronic submission of 2021 tax returns (TD 4)
  • Submission of 2021 tax returns of individuals for which audited financial statements were prepared (with turnover exceeding €70.000)
  • For qualifying owners of Cyprus flagged vessels, tonnage tax declaration upon entry to the system and payment of tonnage tax of 2022

30 April

  • Payment of provisional tax for the first four months of 2023 by life insurance Companies

31 May

  • Employer’s return electronic submission. An electronic submission by employers of the total 2022 payroll (Form TD7)

30 June

  • Payment of special contribution and GHS of defence of rental income for the first half of 2023 if such tax is not withheld at source by the tenant and on dividends or interest from sources outside Cyprus.
  • Payment of annual levy to the Cyprus Registrar of companies amounting to 350 Euros

31 July

  • Submission of the provisional tax return and payment of the first instalment for 2023. (10% penalty on the difference between the tax due per final assessment and the tax due per temporary assessment if the difference is less than 75% is imposed).
  • Electronic submission of 2022 personal income tax returns and payment of personal income tax under the self-assessment by employees and pensioners, whose incomes do not include income from a trade/business, rents, dividends, interest, royalties or income relating to trading goodwill.

1 August

  • Payment of the final corporation tax for companies via self-assessment in 2022.
  • Payment of the final income tax for individuals who prepare audited accounts, via self-assessment of 2022.

31 August

  • Payment of the provisional tax for the second four months of 2023 by life insurance companies

31 December

  • Payment of the second provisional tax instalment (assuming no revision i.e. as per the initial provisional tax calculation). Tax can be paid within one month from the payment deadline (i.e. until 31 January 2024) without interest or penalties.
  • Submission of revised Temporary Tax Assessment for 2023 if considered necessary and payment deadline for the second provisional tax instalment for 2023. Upward revision of the provisional taxable income declared interest (current interest rate) would be imposed on the additional amount of the first provisional tax instalment. In case of a downward revision, forms T.D.5 (Individuals) and T.D.6 (Companies) should be sent to the local District Tax Collection Offices via e-mail.
  • For employees and pensioners whose emoluments are higher than their other income and who haven’t paid the tax which relates to at least 75% of the total income through withholding by the employer (under the PAYE system), an additional tax of 10% is imposed.
  • Payment of the special contribution of defence and GHS of rental income for the second half of 2023 if such tax is not withheld at source by the tenant and on dividends or interest from sources outside Cyprus. Tax can be paid within one month from the payment deadline (i.e. until 31 January 2024) without interest or penalties.
  • Payment of provisional tax for the last four months of 2023 by life insurance companies Tax can be paid within one month from the payment deadline (i.e. until 31 January 2024) without interest or penalties.

End of each month

  • Payment of PAYE, special contribution, Social Insurance and GHS deducted from the employee’s salary in the preceding month
  • Payment of special defence contribution and GHS withheld from rental payment, by a company, partnership, the state or local authority, in the preceding month
  • Payment of special defence contribution and GHS (where applicable) on dividends and interest of the preceding month to Non-Cyprus residents

Within 30 days

  • Payment of National Health System deductions and contributions
  • Payment of Capital Gains Tax

Within 60 days

  • Obtaining a tax identification number from the date of the Company’s registration
  • Notification of the Company’s changes to the Cyprus Tax Department (i.e., registered office, activities, auditors etc.)

End of period

  • Stocktaking

End of the following month the month of notification

  • Submission of information requested in writing by the Cyprus Tax Department. (General rule)

Late payment of taxes

  • Late payment of taxes is subject to interest at the current rate plus a 5% penalty on the tax due. An additional penalty of 5% may be imposed by the Cyprus Tax Department if the tax remains unpaid two months after the due date. 

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