Giorgos Agapiou2023-03-18T08:59:03+03:00We would like to remind you of the deemed dividend distribution (DDD) provisions of the Special Contribution for the Defence Law that relate to the tax year 2020.
Profits subject to deemed dividend distribution
In accordance with the legislation, a company which is a tax resident of Cyprus, will be deemed to have distributed as dividend 70% of its accounting profits arising in 2020. The deemed dividend will be considered as having been distributed two years from the end of the year it relates to. Therefore for 2020 the date of deemed distribution is 31 December 2022 (Last date of payment 30th January 2023). The deemed distribution provisions are not applicable to...
Giorgos Agapiou2023-03-18T08:58:01+03:00We would like to remind you that the payment deadline for the 2nd provisional tax instalment for tax year 2022 is the 31st of December 2022 (there is 30 days period for the payment until 30 January).
Payment of provisional tax
The provisional tax is calculated by applying the relevant tax rates (depending on whether the taxpayer is an individual or a company) on the expected taxable income for the year, after taking into account any overseas tax credits.
It is payable in two equal instalments, as follows:
• 1st instalment 31 July 2022
• 2nd instalment 31 December 2022
It is noted that, the final tax liability for the tax year 2022 should be settled...