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2023 Temporary tax second instalment and Stock take reminder

Companies that expect to have taxable income for the year 2023 must pay the second instalment of the temporary tax by the 31st of December 2023. The temporary tax is paid only using the JCCSMART website.


The tax, is calculated at 12.5% on the taxable income and is payable in two equal instalments – the first was by 31st of July and now the second by 31st of December of 2023. Late filing of the return and payment of tax will attract interest and penalties.


The aim of payment of provisional tax is to avoid the 10% “additional tax”.


To achieve this your estimated taxable income must be at least 75% of the final taxable income as it will be determined by audited financial statements.


Please note that you can revise this temporary assessment before the end of each year.


If you expect that your company will have taxable income for the year 2022, please get in touch with Froso Chrysanthou using the email f.chrysanthou@pconstantinou.com no later than the 20th of December to arrange for the payment of the second instalment.


Please do not hesitate to contact us should you require any further assistance about the 2023 Temporary tax second instalment.

 

Stock Take Reminder

Please be reminded that all Cyprus companies that have inventory (products) must perform an annual stock take at or around the year-end. The Tax Department has the right to request the results of the stock take if this is considered necessary.


If your company requires assistance and guidance on the correct procedure for a stock take, please do not hesitate to contact us.

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