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Tax Diary 2023

 

Taxes

Due Date

 

 

PAYE deducted from employees’ salaries for the previous month.

End of each month

 

 

Tax withheld on payments made to non-Cyprus tax residents for the previous month.

End of each month

 

 

Defence contribution and General Health Scheme contribution deducted from dividends, interest or rent paid for the previous month.

End of each month

 

 

Submission of the deemed dividend distribution declaration and payment of the respective Defence contribution and General Health Scheme contribution for the tax year 2021.

31 January

   

Electronic submission of 2021 income tax returns for individuals and companies preparing audited accounts.

 31 March

   

Payment of provisional tax by insurance companies (life business) for the first four months of 2023.

 30 April

 

 

Electronic submission of employers’ return and employees’ details for 2022.

 31 May

 

 

Payment of special contribution for defence and General Health Scheme contribution in relation to rents, dividends or interests from sources outside Cyprus for the first half of 2023.

30 June

 

 

Submission of provisional tax assessment for 2023 and payment of the first installment.

31 July

 

 

Electronic submission of personal tax returns for 2022 by individuals and payment of tax balance.

31 July
   

Payment of 2022 tax balance through self assessment by individuals and companies preparing audited accounts.

1 August

 

 

Payment of provisional tax by insurance companies (life business) for the second four months of 2023.

31 August

 

 

Submission of the 2023 Revised Provisional Tax returns and payment of the second instalment of 2023 provisional tax.

31 December

 

 

Payment of special contribution for defence and General Health Scheme contribution in relation to rents, dividends or interest from sources outside Cyprus for the second half of 2023.

31 December

 

 

Payment of provisional tax by insurance companies (life business) for the last four months of 2023.

31 December
   
   

 

Administrative penalties:
Administrative penalties amounting to €100 or €200 depending on the specific case will be imposed for late submission of declarations or late submission of supporting documentation requested by the Commissioner. In the case of late payment of the tax due, an additional penalty at the rate of 5% will be imposed on the unpaid tax. Also an additional penalty of 5%is imposed if the tax remains unpaid 2 months after the payment deadline

Late payment interest rates
The rate of interest for late payment of tax is determined by the Minister of Finance through a Decree and it is applicable for the whole year. The rate for 2023 was set at 2,25%.

The applicable interest rates for the previous years are as follows:

Period

  

Interest Rate %
Up to  -  31/12/2006   9
01/01/2007  -  31/12/2009   8
01/01/2010  -  31/12/2010   5.35
01/01/2011  -  31/12/2012   5
01/01/2013  -  31/12/2013   4.75
01/01/2014  -  31/12/2014   4.5
01/01/2015  -  31/12/2016   4
01/01/2017  -  31/12/2018   3.5
01/01/2019  -  31/12/2019   2
01/01/2020  -  31/12/2022   1,75
01/01/2023  -      2,25