Tax Calendar
Yearly Tax obligations in Cyprus
Tax Calendar and obligations
Welcome to the essential Cyprus tax calendar for 2024. This comprehensive guide outlines all the important dates you need to remember to stay on top of your tax obligations.
Missing tax deadlines can lead to serious financial consequences, including penalties and interest. Staying on track with your tax obligations is crucial to avoid these. For your convenience, we’ve compiled a list of important 2024 Cyprus income tax due dates for individuals and companies.
When it comes to submitting your forms, the Cyprus Tax Portal is your go-to platform. Please complete all forms electronically for submission. As for tax payments, you can conveniently make them within the specified deadline through the JCC Smart website or your online banking platform.
Please remember that the details provided are subject to change by the Cyprus Tax authorities. They are not meant to replace professional advice and tailored solutions relevant to your legal and tax circumstances.
Tax Due Dates by month
End of each month throughout the year
- Payment of tax deducted from employees’ salary (PAYE) in the previous month. (TD61)
- Payment of Special Contribution for Defence (SDC) (and GHS contributions) withheld on payments of dividends, interest or rents (when the tenant is a company, partnership, the state or local authority in Cyprus) made to Cyprus tax residents in the previous month. (Forms TD603, TD602, TD614)
- Payment of tax withheld in the previous month on payments to non-Cyprus tax residents within the previous month (TD11).
- Payment of Social Insurance and General Healthcare Contributions (GHC) deducted from employees’ emoluments or payments during the previous month.
By the 10th of the second month following the end of the quarter
- Submission and payment of the Social Insurance Contributions (SIC) for self-employed individuals.
By the 10th of the second month after the end of the VAT period
- Submission of VAT return and payment of VAT amount due
By the 10th of the month following the end of the VAT period
- Submission of Intrastat form electronically.
By the 15th of the month following the end of the reporting month
- Submission of VIES form for goods and services
One month after the end of the quarter
- Submission and payment of the One-Stop-Shop (OSS) to the Central Bank of Cyprus for companies who provide services to individuals within the EU
31st of January
- Submission of the Deemed Dividend Distribution declaration (Form TD623) for the profits of the tax year 2021.
- Payment of SDC and GHS contributions on deemed dividend distribution for the profits of tax year 2021.
31st of March
- Electronic submission of the 2022 corporation income tax return (TD4) for accounting periods ending on 31 December 2022 (TD4)
companies. - Electronic submission of the 2022 income tax return of physical persons preparing audited financial statements
30th of April
- Payment of the first instalment of the premium tax for insurance companies (life business) for 2024 (Form TD199)
31st of May
- Electronic submission of the 2023 employer’s return (Form TD7)
30th of June
- Payment of €350 Annual Fee to the Registrar of Companies
- Payment of Contributions to the Defence Fund and contributions to GHS withheld on rents paid during the first semester. Where the tenant is a Cyprus company, partnership, the Government or a local authority, there is an obligation to withhold SDC on the amount of the rent paid. (Form TD614 – payment code 614).
- Payment of Contribution to the Defence Fund and GHS on Rental, Dividend and Interest income received from sources outside the Republic of Cyprus for the first 6 months of 2024. You can make this payment is made through the tax portal under payment codes 604, 612 and 613.
31st of July
- Electronic submission of the 2023 personal tax return by individuals and payment of the income tax liability (Form TD1)
- Submission of the 2024 provisional tax return and payment of the first instalment of provisional tax. This payment is made through the tax portal under payment codes 200 and 213 for self-employed individuals.
- Payment of tax balance for the previous year by employees and Individuals who do not submit audited/reviewed accounts but are obligated to issue invoices, receipts, etc.
1st of August
- Payment of the income tax balance of the previous year (2023) through self-assessment by companies and individuals who submit audited/reviewed accounts. This payment is made through the tax portal under payment code 300.
31st of August
- Payment of premium tax for life insurance companies is the second instalment for 2021 (Form TD199)
31st of December
- Submission of the 2-22 revised provisional tax return (if applicable). Payment of provisional tax – second and last instalment for 2022. (Forms TD5, TD6)
- Payment of Special Contribution for Defence (SDC) and General Health Contribution (GHC) for the last six months of 2022 on rents if such tax is not withheld at the source by the tenant and on dividends or interest from sources outside Cyprus. (Form TD601)
- Payment of premium tax for life insurance companies – third and last instalment for 2022 (From TD199).
31st of December
(extended from 30th of June)
- Payment of €350 Annual Levy for the year 2022 (*has been extended on the 30th of June 2022 by the parliament via amendment to law)
In the case of late submission of a tax return or supporting documentation requested by the Tax Commissioner, you get a penalty of up to 200€. This penalty depends on the specific case.
In the case of late payment of tax due, they impose a penalty of 5% on the tax amount due. In the case of late payment of VAT tax liability, they charge a penalty of 10% on the tax amount due.
They also impose an additional penalty of 5% if the tax remains unpaid two months after the payment deadline.
The public interest rate applicable on late payment of taxes, as set by the Minister of Finance, for all amounts due after 1 January 2020, is
- 1,75% for 2021 and 2020
- 2% for 2019
- 3,5% for 2018 and 2017
- 4% for 2016 and 2015
- 4,5% for 2014, 4,75% for 2013
- 5% for the years 2012 and 2011
- 5,35% for the year 2010
- 8% for the years 2007‐2009, and
- 9% up to 31 December 2006
Who is required to submit a personal tax return?
Individuals must submit personal tax returns only when their gross taxable income (salaries, rents, royalties, pensions, dividends, interest and profits from share dealings) exceeds €19.500.
Who is required to prepare audited financial statements?
A physical person is obliged to submit audited financial statements if his/her annual income from trade/business, rents, dividends, interest, royalties or income relating to trading goodwill exceeds €70.000. Such a physical person should pay his/her 2021 income tax by 1 August 2022 and submit his/her electronic tax return by 31 March 2023.
