Provisional Tax 2024

According to the Cyprus Income Tax Law the dates of submission and payment of the provisional tax for the year 2024 are as follows:

31/07/2024
Submission of return and payment of 1st installment

31/12/2024
Payment of 2nd installment – last day of revision of provisional tax (if needed)

Υπολογισμός Προσωρινής Φορολογίας

The provisional tax is calculated on the profits that are expected to arise in the year 2024 for companies and self-employed persons.

Υπενθυμίζεται ότι ο φορολογικός συντελεστής για εταιρείες ανέρχεται στο 12.5%.

Επιβαρύνσεις:

The late submission of the return and the late payment of the installments are liable to a penalty of 5% plus interest of 5% on the payable amount.

Legal entities and self-employed who expect to have profits in the year 2024 and do not pay provisional tax will be liable to 10% additional tax on the tax payable for the specific year.

The same applies for provisional tax payments that will not cover at least the 75% of the final profit for the year 2024.

**You are therefore advised to estimate your company’s and/or personal taxable profits (if self-employed) for the year 2024 and the relevant tax thereon and inform your auditors/ accountants as soon as possible of your expectations.

Για περισσότερες διευκρινίσεις μπορείτε να επικοινωνήσετε με την Globalserve Consultants Ltd στο marketing@gstaxconsultants.com, as our tax advisors can give you advice on the calculation of the expected taxable income and provide you with the steps to be taken for the payment of the taxes.