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Globalserve Consultants Ltd is glad to share with you the Cyprus Tax Calendar for the year 2022, It is a detailed tax guide that will help you to stay in line with your tax obligations providing you with further general information.
You can contact us at Адрес электронной почты защищен от спам-ботов. Для просмотра адреса в вашем браузере должен быть включен Javascript. for more information or call us at 00357 25 817181.
|
DATE |
COMPANIES |
INDIVIDUALS |
| End of each month |
Payment of tax withheld and GHS contributions from the employees’ salaries during the previous month (PAYE) |
Payment of tax and GHS contributions withheld from the employees’ salaries during the previous month (PAYE) |
|
Payment of defence and GHS contributions withheld from dividends and interest paid during the previous month |
||
|
Payment of defence tax and GHS (if owner is physical person) withheld from rental expense paid to third parties during the previous month |
||
|
Submission of Form T.D.602 - Declaration of withheld Special Contribution for Defence and National Health Contribution from interest relating to previous month. |
||
|
Submission of Form T.D.603 - Declaration of withheld Special Contribution for Defence and National Health Contribution from dividends relating to previous month |
||
| March 31 |
Submission of Income Tax Return for year 2020 (T.D.4) |
Submission of Income Tax Return for the year 2020 of individuals preparing audited financial statements (T.D.1) |
| April 30 |
Payment of premium tax for life insurance companies – first instalment for 2022 |
|
| May 31 | Submission of Employer’s’ Return (T.D.7) together with details of all employees for year 2021 |
Submission of Employer’s’ Return (T.D.7) together with details of all employees for year 2021 |
| June 30 |
Payment of the Annual Levy of €350 for 2022 to the Registrar of Companies |
|
|
Payment of defence tax on rents received from physical persons for the first six months of year 2022 (T.D. 601) Payment of defence tax on interest/rents received from abroad for the first six months of year 2022 not deducted at source (T.D. 601) |
Payment of defence tax and GHS on rents received from physical persons for the first six months of year 2022 (T.D. 601) Payment of defence tax and GHS on interest/dividends/rents received from abroad for the first six months of year 2022 not deducted at source (T.D. 601) |
|
| July 31 |
Electronic submission of Employees’ Income Tax Returns for year 2021 (T.D.1) and payment of the final tax of 2021 through self-assessment Electronic submission of Self-Employed Persons’ and other individuals’ Income Tax Returns for year 2021 (T.D.1 SE) who have gross income that falls under Article 5 (i.e., dividends, interest, and profits from share dealings) and who are not obliged to prepare audited financial statements (gross income < €70,000). Payment also of the final tax of year 2021 for the said self-employed and other individuals through self-assessment |
|
| Submission of provisional tax return and payment of the first installment of provisional tax for year 2022 (T.D.6) |
Submission of provisional tax return and payment of the first installment of provisional tax for year 2022 (T.D.5) |
|
| August 1 |
Payment of final tax for year 2021 through self-assessment (T.D.158) |
Payment of final tax for year 2021 through self-assessment of individuals preparing audited financial statements (T.D.158 SE) |
| August 31 |
Payment of premium tax for life insurance companies – second instalment for 2022 |
|
| December 31 |
Revision of Provisional Tax Assessment for year 2022, if necessary (T.D.6) |
Revision of Provisional Tax Assessment for year 2022, if necessary (T.D.5) |
|
Payment of the second installment of provisional tax for year 2022 (T.D.6) |
Payment of the second installment of provisional tax for year 2022 (T.D. 5) | |
| Payment of premium tax for life insurance companies - third and last instalment for 2022. | ||
|
Payment of defence tax on rents received from physical persons for the last six months of year 2022 (I.R. 601) Payment of defence tax on interest/rents received from abroad for the last six months of year 2022 not deducted at source (T.D. 601) |
Payment of defence tax and GHS on rents received from physical persons for the last six months of year 2022 (T.D. 601) Payment of defence tax and GHS on interest/rents received from abroad for the last six months of year 2022 not deducted at source (T.D. 601) |
|
| Payment of defence tax and GHS contributions on deemed dividends out of the profits of year 2020 (T.D. 623) | Payment of defence tax and GHS on dividends received from abroad for the last six months of year 2022 not deducted at source (T.D. 601) | |
*You can download the Cyprus Tax Calendar 2022 for Companies and Individuals for your convenience
Notes:
All individuals who have gross income that falls under Article 5 of the Income Tax Law are obliged to submit a tax return. Tax returns are submitted electronically. The Council of Ministers however has the power to issue decrees specifying the categories of taxpayers with a total annual gross income below the taxable threshold of €19.500 that may be exempted from this obligation.
For tax years 2016 and onwards, revised tax returns can be submitted within three years from the submission deadline of the relevant tax return. For tax years up to 2015, the submission deadline for revised tax returns has elapsed on 20 February 2021. The submission of a revised income tax return is made only through the submission of Forms T.D.001AN2020 (for individuals) and T.D.004AN2020 (for companies).
An administrative penalty of €100 or €200 (depending on the specific case), is imposed for the late submission of a tax return or late submission of supporting documentation requested by the Commissioner.
In the case of late payment of the tax due, a penalty of 5% is imposed on the unpaid tax. An additional penalty of 5% is imposed if the tax remains unpaid 2 months after the payment deadline.
The interest rates in respect of overdue taxes and refunds have been set as follows:
|
YEAR |
% |
|
Years up to 2006 |
9 |
|
2007-2009 |
8 |
|
2010 |
5,35 |
|
2011-2012 |
5 |
|
2013 |
4,75 |
|
2014 |
4,50 |
|
2015-2016 |
4 |
|
2017-2018 |
3,50 |
|
2019 |
2 |
|
2020-2022 |
1,75 |
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