Upcoming Tax Deadline and Key Steps for Compliance
As the deadline for the second instalment of the 2024 tax payment approaches on December 31, 2024, we want to remind you of the essential steps to ensure compliance with Cyprus tax laws and avoid penalties.
Key Steps for Compliance:
- Tax Filing Deadline: Companies must submit their expected taxable income to the Cyprus Tax Department by July 31, 2024.
- Tax Rate: Cyprus tax rate for companies is 12.5% on taxable income.
- Provisional Tax Obligation: The timely payment of the second provisional tax instalment can be made via JCCsmart or via online banking, using the unique Payment Reference Number (PRN) made available by the Tax Portal of the Tax Department (TD). Such PRN should be automatically created following the payment of the first provisional tax instalment.
- Adjustment Period: Any difference between provisional and actual tax must be paid by August 1, 2025. A 10% penalty applies if the declared income is under 75% of the final amount.
- Revision Deadline: Tax declarations can be revised until December 31, 2024.
- Penalties for Late Payment: Late payments incur 5% interest and a 5% penalty on the outstanding amount.
We strongly recommend that you consult with us to ensure that all required steps are taken in a timely manner. Aqualis is here to provide full support and guidance throughout this process.
If you have any questions or need assistance with your tax filing, please do not hesitate to contact us.
Warm regards,
Aqualis Team
360° Financial Partner