Globalserve – Cyprus Company Formation – бизнес на кипре
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TAX CALENDAR 2016 FOR CYPRUS COMPANIES

End of each

month

  • Payment of tax and special contribution withheld from the employees’ salaries during the previous month
 
  • Payment of defense contribution withheld from dividends and interest paid during the previous month
 
  • Payment of defense tax withheld from rental expense paid to third parties during the previous month
March 31
  • Submission of Income Tax Return for year 2014 (I.R.4)
June 30
  • Payment of annual levy for the year 2016 to the Registrar of Companies
 
  • Payment of defense tax on rents received from physical persons for the first six months of year 2016 (I.R. 601)
  • Payment of defense tax on interest received  for the first six months of year 2016 not deducted at source (I.R. 601)
July  31
  • Submission of Employer’s’ Return (I.R.7) together with details of all employees for year 2015
 
  • Submission of provisional tax return and payment of the first installment of provisional tax for year 2016 (I.R.6)
August 1
  • Payment of final tax for year 2015 through self-assessment (I.R.158)
September 30
  • Payment of Immovable Property Tax for year 2016
December 31
  • Revision of Provisional Tax Assessment for year 2016, if necessary  (I.R.6)
 
  • Payment of the second installment of provisional tax for year 2016 (I.R.6)
 
  • Payment of defense tax on rents received from physical persons for the last six months of year 2016 (I.R. 601)
  • Payment of defense tax on interest received  for the last six months of year 2016 not deducted at source (I.R. 601)
 
  • Payment of defense tax on deemed dividends out of the profits of year 2014 (I.R.623)

 

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Notes:

  1. Penalties and interest

 

The administrative penalties apply to all the Laws including the Capital Gains Tax Law and the Immovable Property Tax Law as follows:

– Delay in the submission of tax returns in accordance with the tax deadlines will be subject to €100 penalty.

– Failure or delay in submission of returns to the Inland Revenue Department in accordance with the tax deadlines and failure to comply within the specified period with the written notice for compliance issued afterwards by the Commissioner of the Inland Revenue will be subject to €200 penalty.

– Failure or delay in submission of information requested by the Commissioner of the Inland Revenue Department within the specified period will be subject to €200 penalty (no Tax deadline exists in this case).

– Third party failing to comply with the tax deadline set by the Commissioner of the Inland Revenue in respect of the provision of information will be charged with €100 penalty.

 

Failure to pay the due or withheld taxes in accordance with the tax deadlines as set by the Tax Department will result in penalty equal to the 5% of the tax due. Interest on overdue payments will also apply.

 

Public interest rates

The interest rate in respect of overdue taxes and refunds has been set at 4% for the year 2016.

For prior years, the applicable interest rates are as follows:

%
For years up to 2006 9
2007-2009 8
2010 5,35
2011-2012 5
2013 4,75
2014 4,50
2015 4


  1. Period of keeping books and records

Relevant books and records should be kept for six years from the end of the tax year to which they relate to.

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