Announcement: Extended Deadline for Income Tax Return Submission
The Tax Department announces that the Council of Ministers has approved an extension for the submission of Income Tax Returns for taxpayers required to submit a Summary Information Table of Controlled Transactions for the years 2022 and 2023. New Deadlines – Income Tax Return for 2022: Extended to 28 February 2025 – Income Tax Return […]
Comprehensive Guide to Capital Gains Tax in Cyprus
Capital Gains Tax (CGT) in Cyprus is imposed on profits from the disposal of immovable property situated in Cyprus and specific shares in companies. This tax applies when the disposal is not subject to income tax, making it crucial for property owners and investors to understand how it affects them. In this article, we will […]
Understanding Cyprus Non-Domicile Tax Residency: Benefits and How to Qualify
The Cyprus Non-Domicile (Non-Dom) Tax Residency status offers significant tax advantages to foreigners relocating to Cyprus. This status allows individuals to be exempt from paying certain taxes, including the 17% Special Defense Contribution (SDC) on dividends and interest, for up to 17 years. As a result, Cyprus has become an attractive low-tax jurisdiction for both […]
Summary Information Table of Controlled Transactions (SIT)
On 20 May 2024 the Cyprus Tax Department issued the final version of the Summary Information Table, now open for submission through the Tax For All (TFA) portal. All taxpayers with related party transactions must submit a Summary Information Table. What is a Summary Information Table? The SIT is a disclosure requirement for Transfer Pricing, […]
Extended Deadline for Employer’s TD7 Submission (2019 Onwards)
On July 4, 2024, the Tax Department announced that employers can submit the Employer’s Return for Withheld Taxes & Contributions (TD7) for the years 2019 to 2023 without facing administrative fines if submitted by 31 October 2024. After this date, late submissions will incur fines as per the legislation currently at €100. This announcement grants […]