Tax Diary
| Date | Obligation | Form | Penalties |
| January31 | Submission of deemed dividend distribution form | TD623 | 6,7 |
| February28 | Qualifying charterers and managers as well as qualifying owners of foreign flagged vessels shall submit tonnage tax declaration and pay tonnage tax for the previous year | MSTT2
A/B/C |
13 |
| March31 | Submission of Company Income Tax Return along with the Confirmation of With holding of SDC on rents and Summary Information Table (if required) | TD4TD 614 | 1,6,15 |
| Submission of Tax Return, accounts and additional information by individuals who submit audited/reviewed accounts | TD1 | 1,6 | |
| Qualifying owners of Cyprus flagged vessels shall submit tonnage tax declaration upon entry to the Tonnage Tax System and pay tonnage tax for the current year | MSTT2
B/C |
13 | |
| April30 | Payment of the first instalment of the premium tax for insurance companies (life business) for 2025 | TD199 | – |
| May31 | Submission of Employer’s Return(electronic submission) | TD7 | 6 |
| June30 | Payment of €350 Annual Fee to the Registrar of Companies | – | Refer to the Annual Levy Reporting Section |
| Payment of Contributions to the Defence Fund and contributions to GHS withheld on rents paid during the first semester | – | 2 | |
| Payment of Contribution to the Defence Fund and GHS on Rental, Dividend and Interest income received from sources outside of Cyprus during the first half of the current year | TD601 | 2(a) | |
| July31 | Payment of tax balance for the previous year by employees and Individuals who do not submit audited/reviewed accounts but are obligated to issue invoices, receipts, etc. | – | 4 |
| Submission of Income Tax Return by employees and Individuals who do not submit audited/reviewed accounts but are obligated to issue invoices, receipts, etc. | TD1 | 1,6 | |
| Payment of first instalment of income tax based on the Temporary Tax Assessment for 2025 | – | 3(b) | |
| August1 | Payment of the income tax balance of previous year by companies and individuals who submit audited/reviewed accounts | – | 4 |
| August31 | Payment of these Cond instalment of the premium tax for insurance companies (life business) for 2025 | TD199 | – |
| December31 | Payment of Contribution to the Defence Fund and GHS on Rental, Dividend and Interest income received from sources outside of Cyprus during the second half of the current year | – | 2 |
| Payment of Contributions to the Defence Fund and contributions to GHS withheld on rents paid during the second semester | TD601 | 2(a) | |
| Submission of Revised Temporary Tax Assessment for the current year, if considered necessary(in cases of upward or downward revision) | – | 3(a) | |
| Payment of second instalment(Initial or Revised amount)of tax based on the Temporary Tax Assessment for 2025 | – | 3(b) | |
| Payment of the third and last instalment of the premium tax for insurance companies (life business) for 2025 | TD199 | – |
| Date | Obligation | Form | Penalties |
| Beginning of the year or when an employee is hired | Employers must request from the employees to complete and sign the claim for allowances form applicable to the current calendar year | TD59 | – |
| By the end of the next month | Payment of Contribution to the Defence Fund and contribution to GHS withheld from dividends and interest | – | 2(b) |
| Submission of the forms for the Contribution to the Defence Fund and contribution to GHS withheld from dividends and interest | TD602 TD603 | 6 | |
| Payment of tax deducted from employees emoluments | – | 5 | |
| Payment of Social Insurance and contributions to GHS deducted from employee emoluments | Y.K.A. 2-002 | 8 | |
| Within 30 days | As of 1 January 2022,DAC6 disclosure of reportable cross- border arrangements to the Cypriot Tax Department shall be made within a 30 calendar days times call from the occurrence of specific trigger events | Ariadni portal | 14 |
| Payment of Capital Gains Tax | – | 7 | |
| Within60days | Obtaining a Tax Identification Code: Following the registration or incorporation of a company with the Registrar of Companies, the company is obligated to submit an application for registration with the Tax Department. Similar rules apply in the case of companies incorporated outside Cyprus that become tax residents of Cyprus | TD2001 | 9 |
| Within 60 days of such a change | Notification of changes of company details (i.e. registered office, activities, auditors, etc.) | TD2003 | 10 |
| At the end of the financial period | Stock taking must be conducted annually by businesses which have inventor y | – | 11 |
| With in the timeframe specified by the tax authorities | Submission of in formation requested in writing by the tax authorities | – | 12 |
| By the end of the financial year | Filing of the CbC notification | – | Refer to the Country-by- CountryReporting
section |
| 12months from the end of the financial year | Deadline to file the CbC report with the Tax Department if the annual consolidated group revenue exceeds €750 million | – | |
| At the end of every quarter | Special tax on bank deposits, applicable only for financial institutions, is imposed on deposits as at the end of the previous calendar quarter at the rate of 0.0375% | – | – |
| By the 10th of the second month after the end of the VAT period | Submission of VAT Return and payment of VAT amount due | VAT4 | Refer to the VAT section |
| By the 10th of the month following the end of the VAT period | Submission of Intrastat form | INTRASTAT
1.1 |
|
| INTRASTAT
1.2 |
|||
| By the 15th of the month after the end of the VAT period | Submission of VIES form for goods and services | VIES1 |
Penalties
1. Upon conviction for failure to submit a return, a person shall be liable to a fine not exceeding €17 per day for as long as the failure continues, or to imprisonment for a term not exceeding 12 months, or both.
2. Any person who omits any object of tax from the return shall be liable, on conviction, to a fine up to €3.417 plus the tax due, plus an amount equal to two times the difference between the amount of tax properly imposed and the amount of tax that would have been imposed had the assessment been based on the return.
2(a). For rental income, as well as interest income and dividend income received from abroad, interest at the rate of 5,5%* per annum is imposed from the first day after the end of the six-month period in relation to both Special Contributions to the Defence Fund as well as on GHS Contributions.
2(b). ln the case of Special Contribution to the Defence Fund as well as GHS Contributions withheld on rents, dividends and interest, the interest begins to accrue for rents at the end of the six month periods to which it relates and for dividends and interest at the end of the month which follows the month to which it relates.
In addition: for both 2(a) and 2(b), in case of delay in payment, a flat 5% penalty on the tax due is payable.
3. Late payment of due Special Contribution to the Defence Fund and GHS, results in the imposition of a penalty equal to €100.
3(a). A penalty of 10% is imposed on the difference between the tax due per the final assessment and the tax due per the temporary assessment, if the temporary
taxable income per temporary assessment is less than 75% of the taxable income per the final assessment.
3(b). If any instalment of the temporary tax assessment is not paid within 30 days from the due date, interest at the rate of 5,5%* per annum is imposed. In addition, in case of a delay in payment, a flat 5% penalty on the tax due is payable.
4. If the tax is not paid by the due date, interest is imposed at the rate of 5,5%* per annum (interest is calculated on the basis of completed months).
In addition, any person omitting to pay the tax due by the payment due date is liable to a monetary charge of 5% on the tax due.
An additional monetary charge of 5% is imposed on the tax due, in cases where the tax due is not settled within two months from the deadline for payment of the relevant tax liability.
5. Late payment results in the imposition of interest at 5,5%* per annum from the due date and an additional penalty of 1% per month calculated on the basis of completed months.
6. Late submission results in the imposition of a penalty equal to €100. If the tax return for a specific year/period is requested in writing by the Tax Department and this is not submitted within the requested period, a penalty of €200 is imposed for every notice issued.
7. Interest is imposed at the rate of 5,5%* per annum from the due date. Any person omitting to pay the due tax by the due payment date is liable to a 5% penalty on the tax due.
8. Late payment results in the imposition of a penalty of 3% for each month of delay. The total amount of the penalty cannot exceed 27% of the amount due.
9. Late registration with the Tax Department results in the imposition of a penalty equal to €100.
10. Late communication of changes to the Tax Department results in the imposition of a penalty equal to €100. The penalty is applicable on each change not communicated.
11. Failing to perform stocktaking, results in the imposition of a penalty equal to €100.
12. Late submission of information requested by the Tax Department results in the imposition of a penalty equal to €200.
13. Late payment results in the imposition of a 10% surcharge on the chargeable and leviable amount of tonnage tax for every year of the delay or part thereof, until the final discharge of the chargeable and leviable tax.
14. Late or non-submission of SIT results in the imposition of a penalty equal to Euro 500.
Notes:
*The official rate set by the Minister of Finance applicable as of applicable as of 1.1.2025 is 5,5% (5% for 2024, 2,25% for 2023,
1,75% for 2020-2022, 2% for 2019, 3,5% for 2017-2018, 4% for
2015-2016, 4.5% for 2014; 4,75% for 2013; 5% for 2011-2012;
5,35% for 2010; 8% for 2007-2009; previously 9%).
| Date / Deadline | Subject Matter | Document | Notes |
| End of the following month | Payment of Tax deducted (PAYE) from employees salaries for the previous month. | IR61 | 5 |
| Payment of Social insurance and other contributions deducted from employees salaries for the previous month | 7 | ||
| Payment of special contribution for defense on the basis of dividends, rent and interest received in the previous month. | IR601 | 2 | |
| 31 January each year | Submission of declaration of deemed dividend distribution for the year ended 31 December 2014 | IR623 | |
| 30th April each year | Income tax return for individuals * | IR1 | 1.8 |
| 30 June each year | Payment of special contribution for defense on the basis of rental income earned in the previous 6 months. | IR601 | 2 |
| Income tax return by individuals that obliged to issue invoices e.t.c but not audited accounts* | IR1 | 1.8 | |
| Payment of previous year’s tax balance by individuals as mentioned above | 3 | ||
| 31 July each year | Electronic submission by employers of the total 2015 payroll | IR7 | 8 |
| Submission of temporary tax assessment for the current year. | IR6 | 3 | |
| Payment of the 1st installment as per the temporary tax assessment for the current year. | 3 | ||
| 1 August each year | Payment of last year’s outstanding balances due through self assessment method for companies preparing audited accounts. | IR158 | 4 |
| 30 September each year | Submission of 2015 personal tax returns of individuals not required to prepare audited financial statements but whose incomes include income from a trade/business, rents, dividends, interest, royalties or income relating to trading goodwill and payment of tax via the self-assessment method. | ||
| Payment of immovable property tax for the current year. | IR301 IR302 |
6 | |
| 31 December each year | Submission of Company’s tax returns for the previous year* | IR4 | 1.8 |
| Payment second and last installment as per the temporary tax assessment for the current year. | 3 | ||
| Payment of the second installment of special contribution for defense on the basis of rental income earned in the previous six months. | IR601 | 2 | |
| Submission of a revised temporary tax assessment for the current year (if necessary) | IR6 | 3 | |
| Income tax return by individuals that obliged to submit audited accounts* | IR1 | 1.8 | |
| Within 30 days | Payments of Capital Gains Tax | 6 | |
| Within 60 days | Obtaining a Tax Identification Code: Following the registration or incorporation of a company with Registrar of Companies, the company is obliged to submit an application for registration with the Inland Revenue Department. Similar rules apply in the case of companies incorporated outside Cyprus that become tax resident of Cyprus. | IR162 | 9 |
| Within 60 days period of such change | Notification of changes of companies details (i.e registered office, activities, auditors etc) | IR162 | 10 |
| Four months from the month of the month | Updating of books and records by businesses which are obliged to keep accounting books | 11 | |
| Within 30 days | Issuance of invoices within 30 days from the date the transaction was made, unless the taxable person requests in writing and receives such extension from the Commissioner. | 12 | |
| At the end of the financial period | Stock taking must be conducted annually by businesses which have inventory. | 13 | |
| Within the timeframe specified by the tax authorities. | Submission of information requested in writing by the tax authorities. | 14 |
*extended up to 3 months if submitted electronically.
Notes:
- A penalty of €17 per day for as long as failure continues is imposed or imprisonment up to twelve months or both. Any person who without any excuse omits any item of the tax from the return shall be liable, on conviction to a fine up to €3417 plus the tax due plus in amount equal to two times the difference between the amount of tax properly imposed and the amount of tax that would have been imposed had the assessment been based on the return.
- Defence contribution payment is due at the end of the month that follows the month to which it relates. Relating specifically to rental income; interest at the rate of 4% per annum is imposed from the first day after the end of the six-month period.
- Failure to pay the taxable income included in the temporary tax assessment by the due date: In case the taxable income included in the temporary tax assessment is less than 75% of the actual tax, a penalty of 10% on the difference is paid. If the instalment is not paid within 30 days from the due date interest of 4% per annum is charged on the amount due. If there is a delay in payment a penalty of 5% is imposed on the tax due.
- Failure to pay tax by the due date:
Interest is imposed at the rate of 4% per annum (Interest is calculated for complete months).
Any tax due is liable to an additional penalty of 5% in the case where the tax return is not submitted within 30 days after the deadline. - Failure to pay P.A.Y.E. and Defence tax by the due date:- Interest is imposed at the rate of 4% per annum from the due date and an additional penalty of 1% per month as long as the delay continues- The total amount of the additional penalty cannot exceed 11% of the tax due (interest is calculated for complete months).
- Late payment of immovable property tax results in the imposition of interest at the rate of 4% per annum from the due date.
- Late payment of Social Insurance results in the imposition of a penalty of 3% for each month of delay as long as the delay continues. The total amount of the penalty cannot exceed 27% of the amount due.
- Late submission results in the imposition of a penalty equal to €100. In case where notice had been issued by the tax authorities to delivering the return and this had not been occurred; a penalty up to €200 for each notice issued is the case.
- Late registration with the Inland Revenue Department results in the imposition of a penalty equal to €100.
- Late communication of changes to the Inland Revenue Department results in the imposition of a penalty equal to €100. The penalty is applicable on each change not communicated.
- If the accounting books are not kept on a regular basis results in the imposition of a penalty equal to €100 (on a quarterly basis)
- If invoices are not issued on a timely basis then there is an imposition of a penalty equal to €100. The penalty is imposed on a monthly basis irrespective of the number of invoices failed to be issued within a specific month.
- If no stock taking is performed every tax year a penalty equal to €100 is imposed.
- Late submission of information requested by the Inland Revenue Department, results in the imposition of a penalty equal to €200.
VAT/INTRASTAT/VIES diary
| Date/deadline | Subject matter | Document | Notes |
| 10th day of the month following the month following the period end. | VAT return submission and VAT payment. | VAT 4 | 1.2 |
| 10th day of the month following the period end. | Intrastat submission. | Intrastat 1,1 & intrastat 1,2 | 3 |
| 15 days after the end of period. | Submit VIES for goods and services | VIES 1 | 4 |
Notes:
- Penalty up to €51 per VAT return if late submitted.
- Penalty of 10% on the basis of outstanding amount and interest of 4%* on the outstanding amount if late payment.
- Penalty of €15 if late submission for each Intrastat return.
- Penalty of €50 for each VIES form if late submitted.
*Applicable interest rates as of 1/1/2015 is 4%. (4,50% for 2014, 4,75 for 2013, 5% for 2011, 5.35% for 2010; 8% for 2007-2009; previously 9%)
Please contact a member of our staff for further information and/or clarifications.