December 2024
DEEMED DIVIDEND DISTRIBUTION THAT RELATES TO THE TAX YEAR 2022
The deemed dividend distribution (DDD) provisions of the Special Contribution for the Defence Law that relate to the tax year 2022. 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 2022. The deemed dividend will be considered as having been distributed two years from the end of the year it relates to. Therefore for 2022 the date of deemed distribution is 31 December 2024 (Last date of payment 30th January 2025). The deemed distribution provisions are not applicable to the profits attributable to shareholders who are non-Cyprus tax residents. Any...
PROVISIONAL TAX / ΠΡΟΣΩΡΙΝΗ ΦΟΡΟΛΟΓΙΑ
The payment deadline for the 2nd provisional tax instalment for tax year 2024 is the 31st of December 2024 (there is 30 days period for the payment until 30 January). Obligation for provisional tax payment The following persons have an obligation to pay provisional tax, based on their expected annual taxable income for tax year 2024: Individuals with taxable income other than salaries, pensions, dividends and interest, and Companies with taxable income. 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...November 2024
Individuals earning below €19.500 exempted from submitting income tax return
The Council of Ministers has exempted individuals whose total gross annual income is below €19.500, from the obligation to submit a personal income tax return (Form T.D.1) for the tax year 2024. The exemption was announced in the decree No.384/2024, published in the Official Gazette of the Republic of Cyprus on the 15th of November 2024. Acute Advisory Services team .............................. Το Υπουργικό Συμβούλιο εξέδωσε διάταγμα No.384/2024 το οποίο απαλλάσσει φυσικά πρόσωπα, των οποίων το συνολικό ετήσιο ακαθάριστο εισόδημα δεν ξεπερνάει τις €19.500, από την υποχρέωση υποβολής φορολογικής δήλωσης (‘Εντυπο Τ.Φ.1) για το φορολογικό έτος 2024. Το εν λόγω διάταγμα δημοσιεύθηκε στην Επίσημη Εφημερίδα της Κυπριακής Δημοκρατίας στις 15 Νοεμβρίου 2024. H ομαδα της...
Extension to Deadline for Submission of Income Tax Return
Based on the announcement issued by the Tax Department on the 25th of October 2024, a proposal has been sent to the Council of Ministers for an extension to the submission of the income tax return for the year 2023 for employees, pensioners and self-employed individuals who do not prepare sddaudited financial statements until 30th of November 2024. ........................................ Με βάση την ανακοίνωση του Τμήματος Φορολογίας, με ημερομηνία 25ης Οκτωβρίου 2024, με οδηγίες του Υπουργού Οικονομικών, έχει προωθηθεί πρόταση προς το Υπουργικό Συμβούλιο όπως δοθεί παράταση στην ημερομηνία υποβολής της Φορολογικής Δήλωσης Εισοδήματος, του έτους 2023, για μισθωτούς, συνταξιούχος και αυτοεργοδοτούμενους που δεν ετοιμάζουν εξελεγμένους λογαριασμούς μέχρι και την 30η Νοεμβρίου 2024. Acute...October 2024
Confirmation of beneficial owner details in the beneficial owner registry system
We are writing to inform you about a critical regulatory requirement announced by the Cyprus Registrar of Companies on September 25, 2024. All entities registered in Cyprus must confirm the details of their ultimate Beneficial Owners (BOs) in the Beneficial Owners Register (BOR). Confirmation Details: Process Duration: October 1 - December 31, 2024 Applicable Entities: Companies under Companies Law, Cap. 113, European Public Limited Companies (SEs), and Cooperatives If there have been any changes or updates to the Beneficial Owners during this period, they must be completed before proceeding with the confirmation. Penalties for Non-compliance: Failure to confirm Beneficial Owners' details within the specified timeframe will incur a financial penalty of €200 on the first day, plus...July 2024
Provisional tax – Προσωρινή φορολογία
We would like to remind you that the payment deadline for the 1st provisional tax instalment for tax year 2024 is the 31st of July 2024. Obligation for provisional tax payment The following persons have an obligation to pay provisional tax, based on their expected annual taxable income for tax year 2024: Individuals with taxable income other than salaries, pensions, dividends and interest, and Companies with taxable income. 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...
Submission of the 2023 personal income tax returns has been extended to 31 October 2024
Specifically, a Decree (ΚΔΠ 209/2024) was issued on 21 June 2024 in the Government Gazette which extends the deadline for the submission of the 2023 personal income tax return (Form T.D.1) as well as for the payment of the final tax due for employees, pensioners and self-employed persons (Form T.D.1 self-employed) with a turnover below €70.000 who do not have the obligation to submit audited accounts, to 31 October 2024. ACUTE ADVISORY SERVICES TEAM ................................................................................... Η υποβολή των δηλώσεων φορολογίας εισοδήματος φυσικών προσώπων 2023 παρατάθηκε έως τις 31 Οκτωβρίου 2024. Συγκεκριμένα, εκδόθηκε στις 21 Ιουνίου 2024 Διάταγμα (ΚΔΠ 209/2024) στην Εφημερίδα της Κυβερνήσεως με το οποίο παρατείνεται η προθεσμία υποβολής της δήλωσης φορολογίας εισοδήματος φυσικών προσώπων...June 2024
Αύξηση φορολογικής έκπτωσης ασφαλίστρων για σχέδια ιατροφαρμακευτικής περίθαλψης
The Department of Taxation issued on May 30, 2024, Circular 3/2024 regarding the tax handling of insurance premiums for medical care plans. The Circular provides clarifications regarding the tax treatment of the payment of insurance premiums in medical care plans by individuals for their own coverage and by employers for the coverage of their employees. According to the circular, the plans offered by insurance companies supervised by the Commissioner of Insurance or by organized Funds of employers or professional branches with separate legal personality, are considered to have the approval of the Commissioner of Taxes provided that the tax deduction is granted as follows: Until tax year 2023: providing a deduction, from the...
