We inform our clients that according to the Cyprus Income Tax Law the dates of submission and payment of the provisional tax for the year 2020 are as follows:<\/p>\n
| \n 31\/07\/2020 <\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Submission of return and payment of 1st installment<\/p>\n 31\/12\/2020 <\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Payment of 2nd installment \u2013 last day of revision of provisional tax (if needed)<\/p>\n <\/p>\n The provisional tax is calculated on the profits that are expected to arise in the year 2020 for companies and self-employed persons.<\/p>\n **Remember that the corporate tax rate is 12.5%.<\/p>\n 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.<\/p>\n Legal entities and self-employed who expect to have profits in the year 2020 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 2020.<\/p>\n You are therefore advised to estimate your company\u2019s and\/or personal taxable profits (if self-employed) for the year 2020 and the relevant tax<\/a> thereon and inform us as soon as possible of your expectations.<\/p>\n |