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...

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 bear...

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