You are informed that in accordance with the provisions of the Income Tax Law, the submission and payment deadlines for the 2026 Provisional Tax are as follows:
31 July 2026:
Submission of the declaration and payment of the 1st instalment
31 December 2026:
Payment of the 2nd instalment, if necessary – Final date for revision of the provisional tax
Calculation of Provisional Tax:
The corporate income tax rate as from January 1st, 2026 is 15%
The provisional tax applies to both legal entities and self-employed individuals and is calculated based on the estimated profits expected to arise for the tax year 2026.
Penalty fees for Non-Compliance
Late submission or payment will result in:
– 5% penalty
– 3.5% annual interest on the unpaid amount
Penalty fees if not pay provisional tax or if not cover the 75% of the final profit for the current year:
– 10% additional tax on the tax payable for the specific year to legal entities and self-employed who expect to have profits in the year 2026 and do not pay provisional tax.
– 10% penalty applies for provisional tax payments that will not cover at least the 75% of the final profit for the year 2026.
**You are therefore advised to estimate your company’s and/or personal taxable profits (if self-employed) for the year 2026 and the relevant tax thereon and inform your auditors/ accountants as soon as possible of your expectations.
For any clarification or assistance, you can contact Globalserve Consultants Ltd at antonis@globalserve.com.cy
Globalserve Consultants Ltd,
as your financial 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.
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