Tag - Tax

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...
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The Income Tax Return for the year 2023 is now available for submission / H Δήλωση Εισοδήματος Ατόμου για το έτος 2023 είναι τώρα διαθέσιμη για υποβολή

The Tax Department announced on 20 May 2024, that the electronic Income Tax Return for employees, pensioners and self-employed individuals who do not prepare audited financial statements (Form T.D.1) for the year 2023 is available for submission, via the TaxisNet system.​ It is noted that, the obligation to submit an Income Tax Return for the year 2023, arises only when the annual gross income of natural persons exceeds the amount of €19.500.​ The deadline for the submission of the Income Tax Return for individuals for the year 2023 and the payment of any tax due without interest and penalties is on 31 July 2024. Remaining at your disposal should you have any questions. ACUTE...

December 2023

ACUTE ADVISORY SERVICES

Deemed Divident Distribution that relates to the tax year 2021

We 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 2021. 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 2021. The deemed dividend will be considered as having been distributed two years from the end of the year it relates to. Therefore for 2021 the date of deemed distribution is 31 December 2023 (Last date of payment 30th January 2024). The deemed distribution provisions are not applicable to the...

October 2023

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Correction of VAT returns via TFA

 On 21 September 2023, the Cyprus Tax Department announced that taxpayers may correct their VAT returns via the Tax For All (TFA) online platform. Corrections to the VAT returns can be made as follows: Until the deadline for ANY boxes of the VAT return (i.e. Box 1 to 11B) After the deadline ONLY for boxes of the VAT return that are not related to the output/input VAT (i.e. Box 6 to 11B) This ability to correct VAT returns concerns only the VAT returns submitted via TFA with submission date after the 27th of March 2023. Corrections to VAT returns that have been submitted and their deadline date was prior to the 27th of March 2023, can be submitted to the Tax Department...

September 2023

PERSONAL TAX RETURN FOR 2022 – ΥΠΟΒΟΛΗ ΔΗΛΩΣΗΣ ΕΙΣΟΔΗΜΑΤΟΣ ΑΤΟΜΟΥ ΓΙΑ ΤΟ ΕΤΟΣ 2022

  Please find attached the announcements from the Tax Department.  Τhe last date for timely submission of the 2022 Personal Tax Return and payment of the tax due is 2 October 2023.  The obligation to submit a Personal Tax Return for the year 2022 is for Employees, Pensioners and Self-Employed whose Gross Total Income for the year 2022 exceeds the amount of €19,500. They have been posted to the TAXISnet system, the Company Income Tax Return (TΕ4) and Self-Employed with Accounts (TΕ1 Account) for the Tax year 2022 which are available for submission. The deadline for the declarations is March 31, 2024. ACUTE ADVISORY SERVICES TEAM (Ακολουθεί κείμενο στα ελληνικά) H τελευταία ημερομηνία εμπρόθεσμης υποβολής της Δήλωσης Εισοδήματος...

July 2023

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DEFENCE TAX FOR RENT PAYMENTS

The Parliament recently amended the legislation governing the Defence tax for rent allowing the tax to be paid in two installments per year, instead of monthly. This contribution is 3% on 75% of the rent. Based on the current legislation, persons who pay rent have an obligation to withhold from the amount of the rent defense tax and to pay it to the Tax Department within the month following the month in which the withholding is made. With the said amendment, the defense tax deducted from the rents will be payable in two half-monthly installments instead of the earlier monthly payment. This initiative resulted from the recognition of the fact that the obligation to...

EXTENTION FOR SUBMISSION OF 2022 PERSONAL INCOME TAX RETURN

Submission of the 2022 Personal Income Tax returns has been extended to October 2023. Specifically, a Decree (No.183/2023) was issued on 9 June 2023 in the Government Gazette which extends the deadline for the 2022 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 2 October 2023. ACUTE ADVISORY SERVICES TEAM

May 2023

Change in the method of payment of TAX – Αλλαγές στον τρόπο πληρωμής φορολογικών οφειλών Άμεσης Φορολογίας

We are informing you about the announcement of the Tax Department on the changes in the payment method of Direct Tax debts. Specifically, the announcement states that: The Department of Taxation informs that, in the context of continuous improvement of service to taxpayers, it has upgraded the payment process, which from 03/05/2023 are carried out ONLY through the Tax Portal http://taxportal.mof.gov.cy/and not directly through the JCCSmart platform. The connection to the Tax Portal is made with the same passwords for your TAXISNet login. Payments are made (a) via internet banking and (b) by credit/debit card, based on the Payment Reference Number in the Tax Portal – "Debt Status" which appears automatically when selecting...

April 2023

New deadline for VAT – Παράταση για ΦΠΑ

Announcement from the Tax Department which extends the submission and payment deadline for the VAT period ending 28/02/2023. New deadline is 10/05/2023. Announcement - VAT deadline extension ACUTE ADVISORY SERVICES TEAM ΑΝΑΚΟΙΝΩΣΗ ΤΜΗΜΑΤΟΣ ΦΟΡΟΛΟΓΙΑΣ Tax For All (TFA) – Στάδιο 1 Φ.Π.Α. Παράταση Υποβολής Δηλώσεων και Πληρωμής Φ.Π.Α. Το Τμήμα Φορολογίας με αφορμή την έναρξη στην λειτουργία του Tax For All από τις 27 Μαρτίου 2023 θέλει να ευχαριστήσει όλους τους επηρεαζόμενους χρήστες που ανταποκρίθηκαν, συνδέθηκαν και χρησιμοποίησαν με επιτυχία την πύλη Φορολογουμένων TFA. Αναγνωρίζοντας την προσπάθεια που γίνεται και έχοντας ως κύριο μέλημα την διευκόλυνση όλων των χρηστών παρατείνει περαιτέρω την ημερομηνία υποβολής της Δήλωσης και της πληρωμής του Φ.Π.Α. που προκύπτει σύμφωνα με την δήλωση αυτή ως ακολούθως: Φορολογική Περίοδος: 01/12/2022...

March 2023

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Tax For All (TFA) – Στάδιο 1 Φ.Π.Α.

Please find below the announcement from the Tax Department regarding the Account Activation Instructions and New Procedures – TFA. Remaining at your disposal should you have any questions. March 28, 2023 ACUTE ADVISORY SERVICES TEAM ......................(Ακολουθεί κείμενο στα ελληνικά)............................. Επισυνάπτεται ανακοίνωση του Τμήματος Φορολογίας σχετικά με την Ενεργοποίηση Λογαριασμού και τις Νέες Διαδικασίες – TFA. Παραμένουμε στην διάθεση σας για οποιεσδήποτε απορίες. 28 Μαρτίου 2023 Η ΟΜΑΔΑ ΤΗΣ ACUTE ADVISORY SERVICES  

Tax For All (TFA) – Στάδιο 1 Φ.Π.Α.

Το Τμήμα Φορολογίας ενημερώνει για τις διαδικασίες οι οποίες θα ακολουθούνται με την έναρξη της εφαρμογής του πρώτου σταδίου του Τax For All – TFA στις 27 Μαρτίου 2023: Εγγραφή στο Μητρώο του Τμήματος φορολογίας Ακύρωση...