Tax Calendar

31 January
ObligationPenalties
  • Submission of the deemed distribution declaration for the year ended 31 December 2022
  • €100 penalty for late submission
  • Interest at 1.75%* per annum from due date
31 March
ObligationPenalties
  • Submission of the 2023 corporation income tax return
  • €100 penalty for late submission
  • Submission of the 2023 income tax return for physical persons preparing audited financial statements
  • €100 penalty for late submission
31 May
ObligationPenalties
  • Submission of the employer’s return for 2024
  • €100 penalty for late submission
30 June
ObligationPenalties
  • Payment of the 2025 General Health Contributions on rents, dividends, or interest under self-assessment, for the first 6 months of 2025
  • Interest at 1.75%* per annum from due date
  • 5% imposed on the tax due
  
31 July
ObligationPenalties
  • Payment of the 2024 personal income tax and General Healthcare Contributions under a self-assessment method by individuals not preparing audited financial statements (employees and self-employed)
  • Interest at 1.75%* per annum from due date
  • 5% imposed on the tax due
  • Additional 5% on the tax due if tax due not settled within 2 months from the payment deadline
  • Submission of the 2025 temporary tax assessment and payment of the first instalment for both individuals and companies
  • 10% penalty imposed on the difference between tax due per the temporary tax assessment, if the the temporary tax assessment is less than 75% of the final tax charge
  • Submission of the personal income tax return for 2024 for both self-employed (not required to prepare audited financial statements) and employees
  • €100 penalty for late submission
1 August
ObligationPenalties
  • Payment of the 2024 final corporation tax balance under the self-assessment method
  • Payment of the 2024 final personal tax balance for individuals preparing audited financial statements under the self-assessment method
  • Interest at 1.75%* per annum from due date
  • 5% imposed on the tax due
  • Additional 5% on the tax due if tax due not settled within 2 months from the payment deadline
31 December
ObligationPenalties
  • Payment of the second and last instalment of the provisional tax for 2025
  • Submission of the revised provisional tax return, if necessary
  • Interest of 1.75%* per annum is imposed
  • In addition, in case of delay in payment a flat 5% penalty on the tax due is payable
  • 10% penalty imposed on the difference between tax due per the temporary tax assessment, if the temporary tax assessment is less than 75% of the final tax charge
  • Payment of the 2025 special contribution for defence on rents, dividends, or interest from sources outside Cyprus for the second 6 months of 2025
  • 1.75% per annum imposed from the first day after the end of the six month period
  • 5% imposed on the tax due
End of each month
Obligation Penalties
  • Payment of Special Contribution for Defence and General Health Contributions withheld from Cyprus sourced dividends and interest for tax resident and domiciled individuals relating to the preceding month
  • Payment of Special Contribution for Defence and General Healthcare contributions withheld from Cyprus sourced rent paid to tax resident and domiciled individuals (when tenant is a company, partnership, the state or local authority) relating to the preceding month
  • 1.75% per annum imposed from the first day after the end of the six month period
  • 5% imposed on the tax due
  • Submission - Declaration of withheld Special Contribution for Defence and National Health Contribution from Interest
  • €100 penalty for late submission
  • Submission - Declaration of withheld Special Contribution for Defence and National Health Contribution from Dividends relating to the preceding month
  • €100 penalty for late submission
  • Payment of tax deducted from employees’ emoluments
  • 1.75% per annum imposed from the first day after the end of the six month period
  • 1% per month calculated on the basis of completed months
  • Social insurance and General Healthcare Contributions relating to salaries of the previous month
  • 3% penalty for each month of delay (total amount of penalty cannot exceed 27% of amount due)
Within 30 days
Obligation Penalties
  • Payment of capital gains tax
  • Interest of 1.75%* per annum is imposed
  • In addition, in case of delay in payment a flat 5% penalty on the tax due is payable
End of financial period
ObligationPenalties
  • Businesses who own inventory must conduct stocktaking procedures annually
  • €100 for failing to perform stock-take
By the 10th of the second month after the end of the VAT period
Obligation Penalties
  • Submission of VAT Return and payment of the VAT amount due
  • €51 for late submission per VAT return
  • Late payment of VAT amount results in a 10% penalty on the outstanding amount and interest at 1.75% per annum on the outstanding amount and the penalty
By the 10th of the month following the end of the VAT period
Obligation Penalties
  • Submission of VIES form for goods and services
  • €50 for late submission for each VIES form
  • Omission or delay in submission of intrastate forms for a period beyond 30 days constitutes a criminal offence and in case of conviction the penalty may reach up to €850
Interest and Penalties
The official interest rate, as set by the Ministry of Finance, for all amounts due after 1 January 2020 is 1,75% (2% for 2019, 3,5% for 2018 and 2017, 4% for 2016 and 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)