English (United Kingdom)

According to the Cyprus Income Tax Law the dates of submission and payment of the provisional tax for the year 2021 are as follows:

31/07/2021

Submission of return and payment of 1st installment

31/12/2021

Payment of 2nd installment – last day of revision of provisional tax (if needed)

 Calculation of Provisional Tax in Cyprus:

The provisional tax is calculated on the profits that are expected to arise in the year 2021 for companies and self-employed persons.

Remember that the corporate tax rate is 12.5%.

 

Penalty fee:

The late submission of the return and the late payment of the installments are liable to a penalty of 5% plus interest of 1.7% on the payable amount.

Legal entities and self-employed who expect to have profits in the year 2021 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 2021.

The payment of the provisional tax is effected ONLY via the JCCsmart service.

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CYPRUS TAX CALENDAR 2020 IN ENGLISH & GREEK