FinExpertiza Cyprus Tax Diary for the year 2021, based on the Cyprus legislation as well as the tax and compliance requirements, enables both individual and corporate taxpayers to ensure all of the relevant deadlines are met and efficient tax planning is put in place for the current year.
| End of each month |
- payment of tax deducted from employees’ salaries (PAYE) for the previous month;
- payment of tax withheld on payments made to non-Cyprus tax residents for the previous month;
- payment of Special Contribution for Defence (SDC) withheld on dividends, interest or rents (in case where the tenant is a company, partnership, the state or the local authority) paid to Cyprus tax residents for the previous month.
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| 31st January |
- submission of declaration of deemed dividend distribution for the year ended 31st December 2018;
- DAC6 Reporting deadline for Reportable Cross Border Arrangements (RCBAs) undertaken between 1st July 2020 and 31st December 2020.
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| 28th February |
- DAC6 Reporting deadline for historic RCBAs (first step implemented between 25th June 2018 and 30th June 2020).
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| 31st March |
- electronic submission of the 2019 corporation income tax return for accounting periods ending on 31st December 2019;
- electronic submission of the 2019 income tax return for individuals preparing audited financial statements.
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| 30th April |
- payment of the first installment of premium tax for life insurance companies for 2021.
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| 31st May |
- electronic submission by employers of the total 2020 payroll.
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| 30th June |
- payment of SDC for the first six months of 2021 on rents, dividends or interest from sources outside Cyprus.
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| 31st July |
- submission of the 2020 provisional income tax return and payment of the first installment;
- electronic submission of 2020 personal income tax returns and payment of 2020 personal income tax under the self-assessment by employees and pensioners, whose incomes do not include income from a trade/business, rents, dividends, interest, royalties nor income relating to trading goodwill;
- electronic submission of 2020 personal tax returns and payment of 2020 personal income tax under the self-assessment method by other individuals who have gross income that falls under Article 5 (includes dividends, interest and profits from share dealings) and who are not obliged to prepare audited financial statements.
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| 1st August |
- payment of 2020 final corporation tax under the self-assessment method;
- payment of 2020 personal income tax under the self-assessment method by self-employed individuals preparing audited financial statements.
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| 31st August |
- payment of second installment for 2021 for premium tax for life insurance companies.
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| 31st December |
- submission of the 2021 revised provisional tax return (if applicable) and payment of second and final installment of provisional tax for 2021;
- payment of SDC for the last six months of 2021 on rents, dividends or interest from sources outside Cyprus;
- payment of third and final installment of the premium tax for life insurance companies for 2021.
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Penalties
| Late submission | Penalty of €100 or €200, depending on each case, for late submission of the tax return and/or supporting documentation. |
| Late payment | Penalty of 5% on the late payment of the tax due, plus additional 5% if the tax remains unpaid for two months after the deadline. |
Interest
| Period | Interest rate |
| 1st January 2020 – 31st December 2021 | 1.75% |
| 1st January 2019 – 31st December 2019 | 2% |
| 1st January 2017 – 31st December 2018 | 3.5% |
| 1st January 2015– 31st December 2016 | 4% |
| 1st January 2014 – 31st December 2014 | 4.5% |
| 1st January 2013 – 31st December 2013 | 4.75% |
| 1st January 2011 – 31st December 2012 | 5% |
| 1st January 2010 – 31st December 2010 | 5.35% |
| 1st January 2007 – 31st December 2009 | 8% |
| Up to 31st December 2009 | 9% |
While our Tax Diary 2021 provides general information, our team is at your disposal to provide in depth tax advisory and specialized service, and to help you schedule and manage your tax strategy in a timely manner, preventing penalties and surcharges in case of delayed and/or miscalculated payments of your tax returns.
For more information and/or advice, please contact us via email at [email protected]
