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Imposition of 10% additional tax for employees with other sources of income
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We would like to inform you that the Cyprus Tax Department has issued a circular regarding the imposition of a 10% additional tax for employees with income other than from employment.
According to the circular, taxpayers who have taxable income other than employment income (e.g., rental income) must submit a provisional tax declaration and settle the estimated provisional income tax in two installments. Failure to do so, results in the imposition of the 10% additional tax on the difference between actual tax payable and the provisional tax paid.
In cases where the taxpayer has already paid income tax on taxable income through the PAYE system, for income that exceeds 75% of the actual final income, then during the taxpayer’s income tax return examination, no additional tax will be imposed.
If a tax assessment has been issued and the 10% additional tax has been imposed, then the taxpayer can submit an objection within the statutory deadlines for the 10% additional tax to be waived.
We remain at your disposal for anything you may need.
Contact person
Stelios Ioannou
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+357 22 100 192
Managing Director