31 January 2021
· Declaration and submission of deemed dividend distribution for the tax year 2018
· DAC6 reporting for reportable cross border arrangements which took place between 1/7/2020 and 31/12/2020
31 March 2021
· Electronic submission of the annual tax return (IR4) of Companies for the period/year ended 31 December 2019
· Electronic submission of the annual tax return (IR1) of self-employed persons preparing audited financial statements (i.e. with turnover exceeding €70.000) for the period/year ended 31 December 2019
· DAC6 reporting for historic cross border arrangements (first step implemented between 25/6/2018 and 30/6/2020)
30 April 2021
· Payment of 1st installment for 2021 premium tax of life insurance companies
31 May 2020
· Electronic submission of employers return (IR7) for the total 2020 payroll (extended to 30 September for 2021)
30 June 2021
· Payment of special defense contribution (SDC) for first six months of 2021 on rents (if not withheld at source by tenant) and on dividends or interest from sources outside Cyprus
31 July 2021
· Submission of provisional income tax return for 2021 and payment of first installment (50% of the total amount)
· Electronic submission of 2020 personal income tax return and payment of income tax by employees and pensioners (extended to 30 September for 2021)
· Payment of 2020 personal tax under the self tax assessment period for physical persons who do not prepare audited financial statements (i.e. who earn less than €70.000 per annum)
1 August 2021
· Payment of 2020 final corporate tax under self-tax assessment method for Companies and self-employed individuals preparing audited financial statements
31 August 2021
· Payment of second installment of 2021 premium tax for life insurance companies
31 December 2021
· Submission of revised provisional tax return (if required) and payment of second and final installment of 2021 provisional tax
· Payment of special defense contribution (SDC) for last six months of 2021 on rents (if not withheld at source by tenant) and on dividends or interest from sources outside Cyprus
· Payment of third and last installment of 2021 premium tax for life insurance companies
End of each month
· PAYE tax withheld on employees salary in the preceding month
· Contributions withheld on employees salary in the preceding month
· Payment of SDC withheld on payments of dividends, interests, and rents made in the preceding month (where applicable)
Penalties and interest
· An administrative penalty of €100 or €200 (depending on specific case) is imposed for late submission of tax returns.
· 5% penalty is imposed on late payment of taxes due
· 5% additionaly tax/penalty is imposed if (a) tax return was filed on time but tax as per return was not paid on time, (b) neither tax return was filed on time nor the tax as per the return was paid on time, or (c) in case the tax is assessed by the Director and the tax due is not paid within the time shown on the return (usually the end of the following month).
· The interest rate imposed on payable or refundable taxes for 2020 and up today is set at 1.75% (2019:2%, 2017-2018: 3.5%, 2015-2016: 4%, 2014: 4.5%, 2013: 4.75%, 2011-2012: 5%, 2010: 5.35%, 2007-2009: 8%, up to 2006: 9%)
Contact us on info@elsavco.com or send us a PM if you need assistance in the calculation or payment of your taxes