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Extension until 31 October 2023 for 2022 Individual Income Declaration Submission and Tax Payment
According to an official announcement from the Ministry of Finance, the deadline for filing the Individual Income Tax Return for the year 2022, along with the payment of any outstanding taxes or contributions as indicated in the return, has been extended until October...
Important Tax Deadlines in September 2023 for Filings and Payments
Please be advised of the upcoming tax deadlines: 10 September 2023: Vat category B 5-7 15 September 2023: VIES reporting August. 30 September 2023:TD 602: Payment of SDC (and GHS contributions if payment is made to a Cyprus tax resident individual) withheld on...
Submission of Company’s Income Tax Return (TD4) and Personal Income Tax Return (TD1) for tax year 2022
We would like to inform you that the electronic Company Income Tax Return (TD4) and Personal Income Tax Return (TD1) for tax year 2022 have been uploaded in TAXISnet system and are available for submission. Please kindly note that the last date for timely submission...
Important Tax Deadlines in August 2023 for Filings and Payments
1 August 2023: Payment of the 2022 tax balance through self-assessment by individuals preparing audited financial statements and companies (through tax portal under payment code 300). 10 August 2023: VAT Category A 4-6 Payment of social insurance for self-employed...
Provisional Tax Instalment in 2023
We wish to remind all our associates that the deadline for the 1st instalment of the provisional tax for tax year 2023 is the 31st July 2023. Please make sure that you don’t miss the deadline by planning in advance to carry out the calculations. Scope of the...
Application of the reduced VAT rate (5%) on the Purchase/Construction of a primary and permanent residence in the Republic
On 8th June 2023 the House of Representatives passed the amending law (Ν.42(I)/2023) introducing important changes on the application of the reduced Value Added tax (VAT) rate of 5% on the purchase or construction of primary and permanent residence in the Republic...
Important Tax Deadlines in July 2023 for Filings and Payments
10 July 2023: VAT submission for Category C for months March to May. 15 July 2023: VIES reporting June. 31 July 2023: TD 1: Electronic submission of the 2022 personal tax return by individuals and payment of the income tax liability. Extended deadline: 2 October...
Amendments to IAS 1, IAS 8 and IAS 12
In this article we touch upon amendments to IAS 1, IAS 8 and IAS 12 which are applicable for annual periods beginning on or after 1 January 2023 (with early application permitted) and aim to improve the consistency and transparency of financial reporting. ...
Cryptocurrencies and CBDCs: Transforming Financial Transactions in the Digital Age
Global adoption of cryptocurrencies Digital currencies like bitcoin are gaining increasing popularity worldwide. According to Phillips (2020), bitcoin ranks as the sixth largest currency globally, with the US dollar holding the position as the largest traditional...
Extension to the deadline for the submission of 2022 Personal Income Tax returns (TD1s)- 2 October 2023
On 9th June 2023, Decree No. 183/2023 was issued in the Official Gazette extending the deadline for electronically submitting the 2022 Personal Income Tax Returns (TD1) and the payment of any final tax due via self-assessment to October 2, 2023. The requirement to...
Important Reminder to Pay Annual Levy by 30 June
According to the Companies Law, all Cyprus registered companies irrespective of their year of registration are required to pay the Annual Levy of €350 to the Registrar of Companies by 30 June of each year. Deadline and payable amount The Annual Levy is is payable by...
Stay updated on the upcoming tax deadlines for filings and payments in June 2023
10 June 2023 Vat category B 2-4. 15 June 2023 Vies reporting May. 30 June 2023 Payment of SDC (and GHS contributions if payment is made to a Cyprus tax resident individual) on rents, dividends or interest earned from sources outside the republic for the first 6 months...
New announcement by Cyprus Tax Department on tax payments
The Cyprus Tax Department has recently announced a change in the procedure for taxpayers to settle their tax obligations, effective from May 3, 2023. According to the announcement, taxpayers are informed that JCC Smart is no longer available for executing tax...
Employer’s Tax Declaration (Form TD7) 2022-Submission Deadline and Compliance
We kindly remind you that the deadline for submitting the Employer's Tax Declaration (Form TD7) for the year 2022 is May 31, 2023. Failure to comply with the submission deadline will result in a penalty of €100. If you require any assistance, please do not hesitate to...
A New Era for Cryptocurrency: EU Tackles Money Laundering and Terrorist Financing
The European Parliament has recently approved new regulations on cryptocurrency tracing in the EU to combat money laundering and terrorist financing. These regulations require service providers to register and implement customer due diligence measures for tracing...