PROVISIONAL TAX 2017 FOR CYPRUS COMPANIES
According to the Cyprus Income Tax Law all Cyprus companies have to proceed with the submission and payment of the provisional tax for the year 2017.
We remind you that the corporate tax rate is 12.5%.
The Submission of return and payment of 1st installment must be settled until the 31st of July 2017.
Payment of 2nd installment must be settled until the 31st of December 2017.
The provisional tax is calculated on the profits that are expected to arise in the year 2017.
The late submission of the return and the late payment of the installments are liable to a penalty of 5% plus interest of 4.50% on the payable amount.
Legal entities who expect to have profits in the year 2017 and do not pay provisional tax will be liable to 10% additional tax on the tax payable for the specific year. The same applies for provisional tax payments that will not cover at least the 75% of the final tax for the year 2017.
You are therefore advised to estimate your company’s and/or personal taxable profits (if self-employed) for the year 2017 and the relevant tax thereon and inform us as soon as possible of your expectations. You should also remit to our office the sum of money for the payment of the first installment of tax (if any) the latest by Friday 21st of July 2017 in order to be able to complete and submit the return and pay the relevant amount on time.
For the preparation and filing of the provisional tax return as well as payment of the relevant installment to the tax office, our firm charges €59,50 including VAT (this charge is already included in the tax invoice for clients already signed a tax engagement letter for general tax services, other than those related to the audit of annual accounts).
Mr. Antonis Antoniou, Tel: 00357 25 206 822, E-mail: firstname.lastname@example.org