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 2021.
Please note that a Temporary Tax Assessment of the estimated net taxable profit for the year 2020 (if any), should be submitted to the Tax Authorities by 31st of July 2021. The resulting tax is payable in two equal installments as per the following deadlines:
- 1st instalment: 31st of July 2021
- 2nd instalment: 31st of December 2021
Any final resulting tax liability for the year 2021 should be settled by 1st of August 2022.
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 2021. 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 1,75%, 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 20th of July 2021, 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 2021".
We remain at your disposal for anything you may need in connection with the above.
Contact persons
Anna Solomou
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+357 22 100 192
Head of Accounting
-
Pavlos Tsiaklides
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+357 22 100 192
Head of Audit
-
Andreas Odiatis
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+357 25 100 692
Audit Manager
We would like to remind you that all companies incorporated in Cyprus, irrespective of whether they are 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 2021 is the 30th of June 2021. For a late payment of the 2021 Annual Levy, a penalty will be imposed from the Registrar of Companies.
You can proceed with the payment of the annual levy online, through JCCsmart.
Otherwise, we can take over the payment of the Annual Levy on your behalf. The procedure that you need to follow is the following:
1. Transfer the amount of €380 (€350 for the levy payment + €30 to cover our fees and bank charges) to our Clients' Account found below, by 10/06/2021:
CosmoCo Ltd (Clients A/C)
Bank of Cyprus Public Ltd
Account Number: 357003572612
IBAN: CY18002001950000357003572612
SwiftCode: BCYPCY2N
2. On the bank transaction details, indicate "Annual Levy" and your Company Name.
3. Send us a confirmation e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it. requesting the annual levy payment along with an attachment of the bank transfer confirmation, by 10/06/2021.
If you have already paid the 2021 Annual Levy, please ignore this announcement.
We would like to inform you that in accordance with an amending Assessment and Collection of Taxes law published on 20 April 2021, due to the prolonged crisis and the adverse economic conditions caused by COVID-19, the following deadlines are extended to 30 September 2021:
- Electronic submission of the 2020 personal income tax return (TD1A) of individuals and payment of the final tax due as per the relevant income tax return;
- Electronic submission of the 2020 employer’s tax return (TD7);
- Payment of the second instalment for the 2020 provisional tax.
We remain at your disposal for anything you may need.
Contact persons
Anna Solomou
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Head of Accounting
-
Pavlos Tsiaklides
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Head of Audit
-
Andreas Odiatis
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 25 100 692
Audit Manager
Ξεκίνησε η διαδικασία υποβολής αιτήσεων Ειδικών Σχεδίων για την περίοδο Μαρτίου 2021
Το Υπουργείο Εργασίας, Πρόνοιας και Κοινωνικών Ασφαλίσεων ανακοινώνει ότι έχουν αναρτηθεί σήμερα στην ειδική ιστοσελίδα www.coronavirus.mlsi.gov.cy οι αιτήσεις για τα ακόλουθα Ειδικά Σχέδια που αφορούν στην περίοδο από την 1η Μαρτίου 2021 μέχρι την 31η Μαρτίου 2021:
- Ειδικό Σχέδιο Ξενοδοχειακών Μονάδων και Τουριστικών Καταλυμάτων.
- Ειδικό Σχέδιο Οικονομικών Δραστηριοτήτων Συνδεόμενων με την Τουριστική Βιομηχανία ή Οικονομικών Δραστηριοτήτων, οι οποίες επηρεάζονται από τον Τουρισμό.
- Ειδικό Σχέδιο Πλήρους Αναστολής των Εργασιών της Επιχείρησης.
- Ειδικό Σχέδιο Μερικής Αναστολής των Εργασιών της Επιχείρησης.
- Ειδικό Σχέδιο Στήριξης Ανέργων.
- Ειδικό Σχέδιο Ορισμένων Κατηγοριών Αυτοτελώς Εργαζομένων.
- Ειδικό Επίδομα Απουσίας από την Εργασία για Λόγους Υγείας.
- Ειδικό Επίδομα Απουσίας από την Εργασία για τη Φροντίδα Παιδιών.
Υπογραμμίζεται ότι οι αιτήσεις, οι οποίες υποβάλλονται ηλεκτρονικά, θα πρέπει να συνοδεύονται από Έκθεση Εγκεκριμένου Λογιστή.
Καταληκτική ημερομηνία ηλεκτρονικής υποβολής αιτήσεων για συμμετοχή στα Ειδικά Σχέδια για την περίοδο από την 1η Μαρτίου 2021 μέχρι την 31η Μαρτίου 2021 είναι τα μεσάνυκτα της Τετάρτης, 7 Απριλίου 2021.
Οι ενδιαφερόμενοι καλούνται να υποβάλουν την αίτηση που τους αφορά εγκαίρως, δεδομένου ότι οι ηλεκτρονικές αιτήσεις δεν θα είναι διαθέσιμες για χρήση μετά από την πιο πάνω καταληκτική ημερομηνία και δεν θα γίνονται αποδεκτά οποιαδήποτε αιτήματα για εκπρόθεσμη υποβολή αιτήσεων.
Τονίζεται ότι για να είναι εφικτή η καταβολή των Ειδικών Επιδομάτων θα πρέπει να υποβληθεί και η κατάλληλη Δήλωση Στοιχείων Τραπεζικού Λογαριασμού (IBAN) που αναφέρεται στην κάθε αίτηση, νοουμένου ότι δεν έχει ήδη υποβληθεί και επιβεβαιωθεί.
Παραμένουμε στη διάθεσή σας για οτιδήποτε χρειαστείτε.
Contact persons
Anna Solomou
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Head of Accounting
-
Pavlos Tsiaklides
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Head of Audit
-
Andreas Odiatis
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 25 100 692
Audit Manager
The Cyprus Tax Authority has announced that the deadline for the submission of the income tax returns for the year 2019, both for legal entities and self-employed individuals (whose turnover is above €70.000 and are obliged to prepare audited accounts), is extended until 30 September 2021.
We remain at your disposal for anything you may need.
Contact persons
Anna Solomou
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Head of Accounting
-
Pavlos Tsiaklides
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 22 100 192
Head of Audit
-
Andreas Odiatis
This email address is being protected from spambots. You need JavaScript enabled to view it.
+357 25 100 692
Audit Manager