Tax Reminders
We at SPL Audit (Cyprus) LTD help remind our customers that the filing of the following income tax returns as well as payment of taxes is due by 31 July 2022 without the imposition of any penalties:
Individual’s income tax return (TD1) for the tax year 2021 and payment of late tax
Based upon a Decree published by the Council of Ministers, workers, pensioners and self-employed individuals (without having audited accounts) must submit a TD1 for the tax year 2021 if their annual gross earnings for the tax year 2021 exceeds the amount of EUR19.500.
Late submission of the TD1 will certainly go through a monetary penalty of EUR100. A late tax payment will go through the interest rate and financial charges on the outstanding tax. The annual interest is determined based on the finished month for which the tax payment is overdue.
Company Income Tax Return (TD4) for the tax year 2020
The submitting day of the TD4 for the tax year 2020 has been extended from 31 March 2022 to 31 July 2022.
Late submission of the TD4 will be subject to a monetary penalty of EUR100.
The income tax returns TD1, as well as TD4, are filed online with the TaxisNet system.
Payment of the first instalment of temporary tax for the tax year 2022 for individuals and legal entities
The first instalment of the temporary tax is to be paid by 31 July 2022 and the 2nd instalment by 31 December 2022. The temporary tax can be revised by 31 December 2022.
Late settlement of the first instalment of temporary tax for the tax year 2022, will undoubtedly be subject to interest and penalties on the outstanding tax.
The payment of taxes can be made only electronically through:
- The Cyprus Tax Portal for downloading your payment instructions at https://taxportal.mof.gov.cy/. You may use the portal both for existing and past due financial obligations (including penalties and interest).
- JCCSmart website at www.jccsmart.com. Only for present financial obligations.
- Your Bank for transferring money for payments according to the instructions downloaded from the Cyprus Tax Portal.
