The Tax Department has announced that the 2023 Personal Income Tax Return (TD1 form) is available for submission via TaxisNet.
Obligation for the submission applies to:
- Employees and pensioners whose gross annual income exceeds €19.500, and
- Self-employed individuals with an annual turnover that does not exceed the amount of €70.000 and who do not have the obligation to prepare audited financial statements.
Prerequisite for the submission of the tax return is the registration to the TaxisNet System.
We remain at your disposal for anything you may need in connection with the above.
Contact person
Stelios Ioannou
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Managing Director
We would like to remind you for the requirements of the Cyprus Tax Legislation (Assessment and Collection Law as amended in 2002, article 24) regarding the filing of temporary tax returns and relevant temporary tax payments for the year 2024.
Please note that a Temporary Tax Assessment of the estimated net taxable profit for the year 2024 (if any), should be submitted to the Tax Authorities by 31st of July 2024. The resulting tax is payable in two equal instalments as per the following deadlines:
- 1st instalment: 31st of July 2024
- 2nd instalment: 31st of December 2024
Any final resulting tax liability for the year 2024 should be settled by 1st of August 2025.
Your estimation of the taxable profit (if any) must be as close as possible to the actual net taxable profit of the company and any taxes underestimated may be liable to a 10% surcharge. If you require assistance in calculating your estimated taxable profit, then please provide us with an estimated income statement (detailed) for the year and we will provide you with a forecast income tax computation together with our advice as to whether you should proceed with the filing of a Temporary Tax return or not. It is important to note that companies with no taxable profits do not need to deal with the submission of this return.
Revision of the Temporary Assessment form
Following the submission of the provisional income tax return you may submit a revised declaration (upwards or downwards), at any time before 31 December 2024. However, submitting a revised provisional tax declaration with a decreased estimated taxable profit may not result in an immediate refund of the provisional tax already paid until the final tax computations are filed and agreed with the Cyprus tax authorities.
Interest and Penalties
- An administrative penalty of 5% is imposed on each instalment if the company fails to pay the declared tax by the due dates stated above.
- Interest on an overdue instalment of the tax is calculated at an annual interest rate of 5%, on the basis of completed months.
- If the provisional tax declared is lower than the 75% of the actual tax payable for the year, then an additional 10% tax is imposed on the difference of the two.
As the temporary tax relies on the management’s best estimate, it is our recommendation that this should be dealt with only by companies which have their accounting records up to date and are in a position to accurately estimate what the expected taxable profits will be at the end of the year.
For any further information, or if you would like us to proceed with assisting you with the above, please do not hesitate to contact us.
You could proceed with the payment of the provisional tax through JCC. Alternatively, we can take over of the above responsibility. The estimation of profits and transfer of funds in our client’s bank account should reach our office by the 15th of July 2024, otherwise we will consider it as an assumption by you of the responsibility to comply with this obligation.
Please bear in mind that our fees for the above will be €50 plus VAT (total €59,50).
Our client’s bank account details can be found below:
CosmoCo Ltd (Clients A/C)
Bank of Cyprus Public Ltd
Account Number: 357003572612
IBAN: CY18002001950000357003572612
Swift Code: BCYPCY2N
On the transfer details please indicate your Company name and "Temporary Tax 2024".
We remain at your disposal for anything you may need in connection with the above.
Contact person
Stelios Ioannou
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Managing Director
The Department of Registrar of Companies and Intellectual Properties announced that, according to the Amending Companies Law 2024, N.25(I)/2024, published in the Official Gazette of the Republic on March 15, 2024, the annual levy for the companies registered in the Cyprus' Registrar of Companies will be abolished from 2024 onwards.
The annual levies for the years 2011 – 2023 will continue to apply.
All companies that have already paid the 2024 annual levy, will be refunded as follows:
• For online payments made through JCC, the amount will be directly refunded to the card used for payment, without any further action required by the applicant.
• For payments made at the Department of Registrar of Companies and Intellectual Properties, the amount will be refunded to the applicant’s bank account after submitting the KE1 form, the payment receipt, along with the authorization form for payments from FIMAS, accompanied by a photocopy of the bank account statement to be credited, as described in the Authorization Form.
We remain at your disposal for anything you may need in connection with the above.
Contact person
Stelios Ioannou
Managing Director
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Transparency report 2023.
The Department of the Registrar of Companies and Intellectual Property, with a view to updating the Register of Beneficial Owners on the basis of the upgraded digital platform, announces the extension of the submission of Beneficial Owners details, for all Companies and other legal entities, until March 31 2024. After this date, non-compliant Companies and other legal entities will receive penalties according to the Prevention and Suppression of Money Laundering and Terrorist Financing Law 188(I)2007, enacted by the House of Representatives on 23/02/2021.
We remain at your disposal for anything you may need in connection with the above.
Contact person
Stelios Ioannou
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Managing Director