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Tax Calendar - 2023

31 January 2023

  • Declaration and submission of deemed dividend distribution for the tax year 2020

 

31 March 2023

  • Electronic submission of the annual tax return (IR4) of Companies for the period/year ended 31 December 2021

  • 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 2020

  • Extended deadline for payment of 2021 annual levy

 

30 April 2023

  • Payment of 1st installment for 2023 premium tax of life insurance companies

 

31 May 2023

  • Electronic submission of employers return (IR7) for the total 2022 payroll

 

30 June 2023

  • Payment of special defense contribution (SDC) for first six months of 2023 on rents (if not withheld at source by tenant) and on dividends or interest from sources outside Cyprus

 

31 July 2023

  • Submission of provisional income tax return for 2023 and payment of first installment (50% of the total amount)

  • Electronic submission of 2022 personal income tax return and payment of income tax by employees and pensioners (as of 2021 all individuals, irrespective of amount of income need to submit a tax return) - EXTENDED TO 2 OCTOBER 2023

  • Payment of 2022 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 2023

  • Payment of 2022 final corporate tax under self-tax assessment method for Companies and self-employed individuals preparing audited financial statements

 

31 August 2023

  • Payment of second installment of 2023 premium tax for life insurance companies

 

31 December 2023

  • Submission of revised provisional tax return (if required) and payment of second and final installment of 2023 provisional tax

  • Payment of special defense contribution (SDC) for last six months of 2023 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 2023 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% additional 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% (2020-2021:1,75%, 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%)

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