Date

Description

End of each month  (Jan- Dec)

Payment of PAYE relating to employees' salaries for the previous month  

Payment of Special Defence Contribution and General Healthcare Contributions withheld on dividends or interest or rent paid of Cyprus tax residents in the previous month

Payment of tax withheld on payments to non-Cyprus tax residents of the previous month

Payment of Social Insurance and General Healthcare Contributions relating to employees ‘remuneration of the previous month

31 January 

Submission of the deemed dividend distribution form for the tax year 2018

31 March

Electronic submission of the Income Tax Return for 2019 tax year for companies and physical persons who prepare audited financial statements and companies (Note 1)

30 April

Payment of the first instalment of the premium tax for insurance companies (life business) for

2021

30 June

Payment of Special Defence and General Healthcare Contribution for the first semester of 2021 on rental income, dividend income or interest income from sources outside Cyprus or under self-assessment.

Payment to the Registrar of Companies of the 350 Euro annual levy of 2021

31 July

Electronic submission of the Employers' return for 2020(Note 2)

Submission of the 2021 provisional tax return and payment of the first instalment for both individual and companies

Payment via self-assessment of any tax balance for the tax year 2020 for physical persons who do not prepare audited financial statements

Electronic submission of the 2020 Income Tax Return for salaried individuals whose gross income exceeds 19.500 Euro

1 August

Payment of the 2020 tax balance via the self-assessment method for companies and individuals who prepare audited financial statements (Note 1)

31 August

Payment of the second instalment of the premium tax for insurance companies (life business) for 2021

30 September

Electronic submission of the 2020 Income Tax Return for individuals who do not prepare audited financial statements provided their income exceeds 19.500 Euro

Payment of 2020 personal income tax under the self-assessment method by self-employed individuals not preparing audited financial statements.

31 December

Payment of the second and last instalment of the 2021 provisional tax and submission of the 2021 revised provisional tax return (if needed) 

Payment of Special Defence and General Healthcare Contribution for the second semester of 2021 on rental income, dividend income or interest from sources outside Cyprus or under selfassessment.

Payment of the third and last instalment of the premium tax for insurance companies (life business) for 2021

Note 1

A physical person is obliged to submit audited financial statements if his/her annual income from trade/business, rents, dividends interest, royalties or income relating to trading goodwill exceeds €70.000.  

Note 2

For tax years up to 2019, physical persons are required to submit personal tax returns only when their gross taxable income exceeds €19.500. As from tax year 2020, this threshold is abolished and therefore all individuals have an obligation to submit an individual tax return.

Interest and Penalties

 The official interest rate for all amounts due as from 1 January 2020 is 1,75% (2% for 2019, 3,5% for 2017-2018)

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.