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Nicosia
Limassol

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We would like to remind you that the application deadline for the settlement of overdue tax liabilities via the Government Gateway portal “Ariadne” is the 3rd of January 2019.

Taxes scheme summary

Taxes covered 

The scheme covers unpaid tax liabilities taxes, which have been assessed by the Cyprus Tax Department, for all the years up to and together with the tax year 2015 and which relate to Income Taxes, Special Defense Contribution, Immovable Property Tax, Capital Gains Tax, Special Tax Contribution, Stamp Duties and VAT.

Monthly installments and respective relied granted

The Tax Office granting of relief of interest and penalties due on the unpaid tax liability is depended on the number of monthly instalments agreed as follows:

Number of installments

% Relief on interest and penalties

1

95%

2-8

90%

9-15

85%

16-21

80%

22-28

75%

29-35

70%

36-42

65%

43-49

60%

50-56

55%

57-60

50%

Eligible to apply

In order to be eligible to apply to the scheme, taxpayers (Individuals and companies) will need to submit their tax returns up to the tax year 2015 until the 31st of December 2018

Furthermore, for the application to be accepted, at the time of applying, taxpayers should not have any other tax obligations (Direct or Indirect) that arose after the 31st of December 2015.

In the case that the Tax Department issues an assessment after the 3rd of January 2019 and will be related to a tax year before and up to 2015, then the provision in order the taxpayer to be eligible to apply is the same as above.

The settlement scheme ceases to apply in the event of any of the following:

  • If a minimum of 3 installments fail to be settled;
  • Is late to settle an installment over 3 months;
  • Failure to settle a tax liability that refers to a period after the 31st of December 2015 or
  • Where the applicant fails to follow submissions of tax returns on time.

We are at your disposal to assist you with for any further information or clarification you need.

 

 

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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 2018.

Please note that a Temporary Tax Assessment of the estimated net taxable profit for the year 2018 (if any), should be submitted to the Tax Authorities by 31st of July 2018.

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With reference to the above subject, we would like to remind you that all companies incorporated in Cyprus, irrespective of whether active or not or have assets or not are subject to a €350 levy per annum.

The last day of payment of the Annual Levy for the year 2018 is 30th June 2018. 

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What is the PAYE?

A Pay-As-You-Earn tax (PAYE) is a withholding tax on the income of employees. Amounts withheld are treated as advance payments of income tax due. They are refundable to the extent they exceed actual tax that will be determined during the submission of personal tax return of the employees.

Under the PAYE system, the employer calculates the tax burden of the employee and deducts the PAYE on a monthly basis.

 

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Dear Clients,

The Council of Ministers issued regulation ΚΔΠ.367/2016, as published in the Cyprus Gazette on 16/12/2016, amending the main regulations to the Cyprus Value Added Tax (VAT) Laws.

The amendment adds paragraph 6A to regulation 17 of ΚΔΠ.314/2001 which indicates that all taxable persons, as per the provisions of the Cyprus VAT Laws, are obliged to submit their VAT returns electronically. Returns should be submitted via the on-line TaxisNet portal.

The above regulation is put into effect on May 02, 2017 which means that electronic submission of VAT returns will be obligatory for all taxable persons*.

*According to article 6(1) of the VAT Act, a taxable person is every person who is registered or is liable to register under the VAT Act.

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