End of each month
- PAYE deducted from employees’ salaries for the previous month (IR 61 form).
- Payment of Social Insurance contributions deducted from employee’s salaries for the previous month.
- Payment of Special contribution by employees and employers on salaries of the previous month (IR 112/113 form).
- Defence contribution deducted from dividends, interest or rent paid for the previous month. Companies, partnerships, the Government or any local authority that pays rent have the obligation to withhold special defence contribution on the amount of the rent paid (IR 601 form).
31 January 2012
- Submission of the deemed dividend distribution declaration for the tax year 2009.
30 April 2012
- Submission of personal tax returns (IR 1 form) for 2011 by salaried individuals whose gross income exceeds €19.500 (deadline extended by 3 months in case of electronic submission).
- Submission of employers’ return (IR 7 form) for 2011.
30 June 2012
- Submission of personal tax return (IR 1 form) for 2011 by self-employed individuals who do not prepare audited accounts if their gross income does not exceed €70.000 (deadline extended by 3 months in case of electronic submission).
- Payment of tax balance for 2011 through self assessment by individuals who do not prepare audited accounts.
- Payment of special contribution for defence in relation to rents, dividends or interests from sources outside Cyprus for the first half of 2012 (IR 601 form).
1 August 2012
- Submission of provisional tax assessment for 2012 and payment of the first installment.
- Payment of 2011 tax liability through self assessment by individuals and companies preparing audited accounts (IR 158 form).
30 September 2012
- Payment of the second installment of 2012 provisional tax.
- Payment of immovable property tax for 2012 (IR 301, IR 302 forms).
31 December 2012
- Submission of 2011 tax returns for individuals (IR 1 form) and companies (IR 4 form) preparing audited accounts (deadline extended by 3 months in case of electronic submission).
- Payment of the third installment of 2012 provisional tax.
- Payment of special contribution for defence in relation to rents, dividends or interest from sources outside Cyprus for the second half of 2012.
Within 30 days
- Payment of Capital Gains Tax
- Issue invoices within 30 days from date of transaction
Within 60 days
- Companies must obtain a Tax Identification Code (TIC) within 60 days from incorporation with the Registrar of Companies. This also applies to companies incorporated abroad that become tax residents in Cyprus (IR 162 form).
- Companies must notify the Inland Revenue of changes to its details (eg change in registered office etc) within 60 days from the change (IR 162 form).
Four months from the end of the transaction
- Books and records of a business which is obliged to keep accounting records must be updated within 4 months from the date of the transaction.
At the end of the financial period
- Companies which have inventory must perform an annual stock take around the year end.
Within timeframe specified by Inland Revenue
- Submission of information which has been requested in writing by the Inland Revenue.
Administrative Penalties and Interest
Penalties amounting to €100 or €200 depending on the specific case will be imposed for late submission of declarations or late submission of supporting documentation requested by the Commissioner. In the case of late payment of the tax due, an additional penalty at the rate of 5% will be imposed on the unpaid tax.
The rate of interest for late payment of tax is determined by the Minister of Finance through a decree and it is applicable for the whole year. The rate for 2012 was set at 5%.