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Cyprus tax diary 2019

10 April 2019
The Uniwide Team
Tags: Cyprus, Offshore
News

In 2019 Cypriot taxpayers (including companies and individuals resident in Cyprus) must declare their incomes and pay taxes within the following deadlines:

Deadline	Taxpayer’s duties
End of each month	Payment of tax withheld from salary (PAYE, “pay-as-you-earn”) during the previous month. Payment of Social Insurance and General Healthcare Contributions from salaries of the previous month. Payment of Special Contribution for Defense (SCD) that was withheld from dividends, interest and rent payments (if tenant is a Cyprus company, partnership, government or local authority) made to Cyprus tax residents during previous month. Payment of withholding tax on sums paid to Сyprus non-residents during previous month.
31 January	Filing of deemed dividend distribution declaration (TD623) for the tax year 2016.
31 March	Electronic filing of Income Tax return (TD1/TD4) for 2017 by natural persons and companies obliged to prepare audited financial statements.
30 June	Payment of personal income tax for 2018 after self-assessment by individuals who are not obliged to prepare audited financial statements (employees and self-employed). Payment of SCD on rents, dividends or interest from sources outside Cyprus for the first six months of 2019. Payment of Annual Levy by companies in the amount of 350 Euro for 2019.
31 July	Filing of temporary tax assessment for 2019 and payment of the first instalment. Electronic filing of employers’ return for 2018 (TD7). Electronic filing of personal tax return (TD1) for 2018 by employees whose gross income exceeds 19 500 Euro for the tax year 2018.
01 August	Payment of the tax balance under self-assessment for 2018 by individuals and companies obliged to prepare audited accounts.
30 September	Electronic filing of personal income tax return (TD1) for 2018 by self-employed individuals who are not obliged to prepare audited financial statements if their gross income exceeds 19 500 Euro.
31 December	Payment of the second and final instalment of provisional tax for 2019. Payment of SCD on dividends, interest and rents from sources outside Cyprus for the second half of 2019.

Non-payment of tax within established deadline may lead to imposition of interest in the amount of 2% starting from 2019 (for 2014 – 4,5%; for 2015 and 2016 – 4%; for 2017 and 2018 – 3,5%).

Overdue filing of Income Tax Returns may lead to the imposition of a penalty equal to 100 or 200 Euro (depending on the specific case).

In case of overdue payment of tax a penalty of 5% is imposed on the unpaid amount of tax. An additional penalty of 5% is imposed if the tax remains unpaid in 2 months after the payment deadline.

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