25/11/2016
Cosmoco - Tax Diary 2016
End of each month
Payment of tax deducted from employees salary (PAYE) in the preceding month.
Payment of special contribution of employees and pensioners of the private sector 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.
Payment of social insurance contribution in the preceding month.
31 January
Submission of declaration of deemed dividend distribution (IR623) for the year ended 31 December 2013.
31 March
Electronic submission of the 2014 corporation tax return (IR4) for accounting periods ending on 31 December 2014 (IR4).
Electronic submission of the 2014 income tax return of physical persons preparing audited financial statements (2).
30 April
Payment of premium tax for life insurance companies - first instalment for 2016.
Non-electronic submission of 2015 personal tax returns of individuals whose incomes do not include income from a trade/business, rents, dividends, interest, royalties nor income relating to trading goodwill (1).
30 June
Payment of special contribution for defence for the first six months of 2015 on rents if such tax is not withheld at source by tenant and on dividends or interest from sources outside Cyprus.
Payment of 2015 personal income tax under the self assessment method by individuals not preparing audited financial statements (2).
Non-electronic submission of 2015 personal tax returns of individuals not required to prepare audited financial statements but whose incomes include income from a trade/business, rents, dividends, interest, royalties or income relating to trading goodwill (1) (2).
31 July
Electronic submission by employers of the total 2015 payroll (Form IR7).
Submission of the 2016 provisional tax return and payment of the first installment.
Electronic submission of 2015 personal tax returns of individuals whose incomes do not include income from a trade/business, income from rents, dividends, interest, royalties nor income relating to trading goodwill (1).
1 August
Payment of 2015 final corporation tax under the self-assessment method.
Payment of 2015 personal income tax under the self-assessment method by individuals preparing audited financial statements (2)
31 August
Payment of premium tax for life insurance companies – second instalment for 2016.
Payment of immovable property tax for 2016 with a discount of 10% on the tax due.
30 September
Electronic submission of 2015 personal tax returns of individuals not required to prepare audited financial statements but whose incomes include income from a trade/business, income from rents, dividends, interest, income from royalties or income relating to trading goodwill (1) (2) .
Payment of immovable property tax for 2016 without a discount of 10% on the tax due.
31 December
Payment of provisional tax - second and last installment for 2016.
Payment of special contribution for defence for the last six months of 2016 on rents if such tax is not withheld at source by tenant and on dividends or interest from sources outside Cyprus.
Payment of premium tax for life insurance companies - third and last installment for 2016.
Interest and Penalties
The official interest rate, as set by the Finance Minister, for all amounts due after 1 January 2016 is 4% (4% for 2015, 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.
Notes:
Physical persons are required to submit personal tax returns only when their gross income exceeds €19.500.
A physical person is obliged to submit audited financial statements if his/her turnover exceeds €70.000 annually.
