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The Cyprus Parliament has recently approved and voted the bill proposed by parliamentary parties which regulates the payment of overdue taxes in various monthly installments.
The Law was published in the Cyprus Gazette newspaper on 03/02/2017.
This new Law gives the Tax Commissioner the right to reduce the interest and penalties applicable to overdue income taxes, capital gains tax, stamp duties, SDC and VAT provided the taxpayer meets certain obligations.
The Law provides that any amounts owed to the Tax Office which are under €100.000 will be payable in 54 monthly installments (with a minimum payable installment being €50) whereas amounts in excess of €100.000 will be payable in 60 monthly installments (with a minimum payable installment being €1.850).
Persons wishing to enter such arrangements must submit an application. The Tax office is expected to issue guidance on the application, requirements and conditions in the following weeks.
It should be noted that the Law excludes companies and individuals who are under examination by the Tax Office in respect of any undeclared transfers or deposits held outside Cyprus.
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End of each month
- Payment of tax deducted from employees salary (PAYE) in the preceding month.
- Payment of special contribution for defence withheld on payments of dividends, interest or rents (when the tenant is a company, partnership, the state or local authority) made to Cyprus tax residents in the preceding month.
- Payment of tax withheld in the preceding month on payments to non-Cyprus residents.
- Payment of social insurance contribution in the preceding month.
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Introduction and effective date
On the 14th of October 2016, the Cypriot legislation has been amended in order to align the taxation of the income arising from the use or disposal of intangible assets in accordance with the recommendations of the Organisation for Economic Co-operation and Development (OECD) Action 5 and with the new EU rules. The amendments are effective retrospectively from the 1st of July 2016.
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Dear Clients,
Here below please find an important announcement (freely translated from Greek) of the Registrar of Companies and Official Receiver.
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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 2016.
Please note that a Temporary Tax Assessment of the estimated net taxable profit for the year of 2016 (if any), should be submitted to the Tax Authorities by 31st of July 2016. The resulting tax is payable in two equal installments as per the following deadlines:
- 1st installment: 31st of July 2016
- 2nd installment: 31st of December 2016