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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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Globalserve Consultants Ltd can offer and support you on company formation and management in Cyprus and abroad as well as assist with bank account opening, tax matters, legal advices, accounting, VAT, Social Insurance

You can contact our team for further information needed at Адрес электронной почты защищен от спам-ботов. Для просмотра адреса в вашем браузере должен быть включен Javascript. or call at 00357 25 817181

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CYPRUS TAX CALENDAR 2023 IN ENGLISH & GREEK