Tag - Tax

June 2018

Temporary Tax Assessment 2018

The Temporary Tax Assessment for the tax year 2018 is approaching. We urge you to give due consideration to the matter so as to ensure that the payment of the relevant tax liability is performed in a timely manner.
In accordance with Taxes Law, all companies must notify the Commissioner of Taxation of their estimated chargeable income, and consequently their resulting temporary tax for the year 2018, by 31 July 2018. Based on the temporary tax computation, tax is payable in two equal installments as follows:

1st Installment:  July 2018
2nd Installment: 31 December 2018

You should also note that:

Non-payment on the due dates entails payment of interest at the rate of 3,5% per annum
Non payment on the due dates will also attract a monetary charge […]

May 2018

Tax Alert

The Tax Department has announced that, as of June 1st 2018, the following taxes, not bearing interest and charges, can ONLY be paid via JCCsmart.

Tax code

Description

0114
Reduction in Salaries and Wages of the Broader Public Sector

0200
Temporary Income Tax for Individuals and Companies

0300
Self-Assessment of Income Tax for Individuals and Companies

0300
Income Tax (without charges)

0602
Special Contribution for Defence withheld from Interest at source

0604
Special Contribution for Defence on Rental Income

0612
Special Contribution for Defence on Interest Income without deduction at source

0603
Special Contribution for Defence withheld from Dividends at source

0613
Special Contribution for Defence on Dividends without deduction at source

0614
Special Contribution for Defence withheld from Rents at source

0623
Special Contribution for Defence withheld on Deemed Dividend

 
When the above taxes […]

April 2018

Registration to TAXISnet by the use of a unique activation number

The Tax Department announces that the TAXISnet electronic registration for Income Tax/Defense purposes, by using a unique activation number, is in force.
This unique number has been sent by post to all taxpayers who are registered in the Tax Register, are active and are not TAXISnet users.
The Tax Department encourages your timely registration at TAXISnet, https://taxisnet.mof.gov.cy. Information on the electronic submission of the income tax return for 2017, as well as instructions on how to register, will be uploaded on the Department’s website at a later stage (www.mof.gov.cy/tax).
Information and guidance is available at the following contact telephone numbers:

Nicosia 22446215
Limassol 25803717
Larnaca 24803590
Paphos 26804398
Ammohostos 23811856

Compulsory Electronic Submission of Income Tax Returns for Individuals 2017 via TAXISnet

 The Tax Department informs that, the Income Tax Return for individuals 2017 (employees/self-employed) is submitted only electronically via TAXISnet. In order to submit the Income Tax Return, you need to register to the TAXISnet system.
For more information, please contact Tax District Offices at the following telephone numbers:
Nicosia

22446191
22446192
22446194
22446213
22446202
22807492

Limassol

25803737
25803799
25803797

Larnaca

24803705
24803725
24803625

Paphos

26804364
26804365
26804366

Famagusta

23811518
23811436

October 2015

Cyprus Enacts Proposed 2015 Tax Reforms

In an effort to accelerate growth and attract foreign investment on 9th of July 2015, the House of Representatives voted a number of amendments to the Income Tax Law, the Defence Tax Law, Capital Gains Tax Law as well as to the legislation regarding the transfer fees. The changes proposed are very positive for the international investors who do business through Cyprus and create a new dynamic for the island.
Cyprus Enacts Proposed 2015 Tax Reforms