Tax Calendar – Nikita & Partners

31 January

Obligation	Penalties
Submission of the deemed distribution declaration for the year ended 31 December 2020	€100 penalty for late submission Interest at 1.75%* per annum from due date

31 March

Obligation	Penalties
Submission of the 2021 corporation income tax return	€100 penalty for late submission
Submission of the 2021 income tax return for physical persons preparing audited financial statements	€100 penalty for late submission

31 May

Obligation	Penalties
Submission of the employer’s return for 2022	€100 penalty for late submission

30 June

Obligation	Penalties
Payment of the 2023 General Health Contributions on rents, dividends, or interest under self-assessment, for the first 6 months of 2023	Interest at 1.75%* per annum from due date 5% imposed on the tax due
Payment of the Annual Levy of €350 for the current year	10% imposed if the payment is made within 2 months from due date An additional 30% is imposed if the payment is made within 5 months from the due date The RoC may strike off a company who fails to pay the Levy within one year of the due date

31 July

Obligation	Penalties
Payment of the 2022 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 2023 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 2022 for both self-employed (not required to prepare audited financial statements) and employees	€100 penalty for late submission

1 August

Obligation	Penalties
Payment of the 2022 final corporation tax balance under the self-assessment method Payment of the 2022 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

Obligation	Penalties
Payment of the second and last instalment of the provisional tax for 2022 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 2023 special contribution for defence on rents, dividends, or interest from sources outside Cyprus for the second 6 months of 2023	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

Obligation	Penalties
Businesses who own inventory must conduct stocktaking procedures annually	€100 for failing to perform stocktake

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)

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