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September 29, 2021. The Tax Department of the Republic of Cyprus has announced an extension to the reporting deadlines under EU Directive 2018/822 ("known as DAC6"). Select View of Tax Returns On the table of Tax Returns that appears, select the Tax Returns form you are interested in and click on TEXT RETURNS NUMBER in order to view the particular form. The Tax Department has recently published an Informative Guide, in the Greek language, which explains the tax treatment of certain benefits offered by employers to employees and persons who hold or are deemed to hold an office. The relevant announcement can be found at the Tax Department’s website. March 29, 2021. In accordance with an announcement made by the Cyprus Registrar of Companie on 8 July 2021, the deadline for payment of the 2021 annual company levy has been extended from 30 June 2021 to 31 December 2021. We would like to remind you that the payment deadline for the 1st provisional tax instalment for tax year 2021 is the 31st of July 2021. Decree (No. ProACT Cyprus can help with tax returns and rebates. Ed Slott's 2013 Retirement Decisions Guide details the step-by-step strategies needed to build and protect a family fortune. The revised NID provisions enhance the tax benefits for Cyprus companies financing their operations through new equity, are in line with the recommendations of the European Commission, and offer additional clarity for taxpayers. What are the penalties for late payment of the SDC and GHS due? Following the partial adoption of the EU Anti-Tax Avoidance Directive of 12 July 2016 (ATAD I) in 2019, on 19 June 2020 the Cyprus Parliament voted into law the remaining provisions of ATAD I, as well as the provisions of the EU Anti-Tax Avoidance Directive of 29 May 2017 (ATAD II). We would like to inform you that the Ministry of Labour, Welfare and Social Insurance has recently announced that on 13 September 2021, the relevant Social Insurance (Contributions) (Amendment) Regulations of 2017 (Regulations 167/2017) enter into force. Keep up-to-date on significant tax developments around the globe with EY's Global Tax Alert library here. The VAT liability on these returns may be settled in three equal monthly instalments payable by 10th of April, 10th of May or 10th of June 2021. Extension to the filing date of income tax return for companies and self-employed Α Decree (Κ.Δ.Π. Once it enters into force, the treaty will have effect in both contracting states on or after 1 January following the date the treaty enters into force. Please see www.deloitte.com/about to learn more. On 9 April 2020, the Cyprus Customs Authorities issued Circular EE – «Μ» (67) relating to the European Commission’s decision authorizing EU Member States to provide relief from import duties and a VAT exemption on imports of goods needed to combat the effects of COVID-19. The reduced rate is now in line with the SDC rate applicable on interest earned from Government bonds. Electronic submission of the 2019 income tax return of physical persons preparing audited financial statements . In light of the business disruption caused by the Coronavirus, the Cyprus Government announced a number of measures in order to support the country’s economy. Electronic submission of the 2019 personal income tax return by employees and pensioners (TD1 - Employee). Download the full alert for the amendments on the existing provisions and concluding remarks. As already provided in the law, at the time of applying, taxpayers should not have any compliance obligations or other overdue taxes. The new deadline is 30 November 2021. the deadlines for payment of the VAT due. Download the full alert to discover more. The extension was included in the Confirmation and Collection of Taxes (Extension of Deadline for Submission of Tax Return) Decree of 2021, which was published in the Official Gazette on March 12, 2021. Download the full alert to discover more about your obligations. The authority on tax planning. Fully updated, the new edition of this established work retains its practical approach to taxation strategies. Vehicle owners have the option to pay for three, six, nine, or twelve months Road Tax, enabling the cost to be spread across multiple payments Cyprus introduced Valued Added Tax in 1992. Payment of Special Contribution for Defence (SDC) and General Health Contribution (GHS) on rental, dividend or interest income under self-assessment from sources outside Cyprus for the first six months of 2021 (Form IR601). 2nd Floor, Office 201, 3016 Limassol, Cyprus. The deadline refers to the second and final instalment of the temporary tax for the current year, which all Cyprus tax resident companies and individuals having income subject to income tax other than salary income are required to pay based on expected profits. 29/07/2021 - DAC6 - Directive of the Council of EU on mandatory disclosure and exchange of information on cross-border arrangements - Updated XML Schema from 5th August 2021. treaty over the next months. FORM T.D.286 F (English) We would like to inform you that in accordance with the Decree issued on 12 March 2021 under Κ.Δ.Π. On 24 September 2021, Cyprus's Ministry of Finance has issued a decree providing further extension of electronic submission of tax returns for business (TD4) and personal (TD1A) for the fiscal year 2019. 02 November 2020. 31 March 2021. Any person who omits any information from the tax return shall be liable, on conviction, to a fine up to €3.417 plus the tax due. This is an important development as Kazakhstan is the 9th largest country in the world, the largest of the former Soviet republics (excluding Russia) and a growing economy. Download the full alert for more details about the payment method as well as the interest and penalties that may apply. The agreement reached between the two countries puts an end to the uncertainty triggered that Russia would denounce the Cyprus-Russia tax treaty. Obligation to submit a provisional tax return. The treaty will enter into force after the necessary legal procedures are completed. Please enable JavaScript to view the site. The payment of value added tax (VAT) is postponed until 10 November 2020. Following the approval of the European Commission (DG Comp) for the renewal of the special mode of taxation of maritime activities, known as tonnage tax, the House of Representatives voted on 15 April 2020 amendments to the Merchant Shipping (Fees and Taxing Provisions), as those were agreed with the European Commission, which were published in the Official Gazette of the Republic on 16 April 2020. Download the full alert for further details. On 18 March 2021 the Cyprus Parliament voted into law the provisions of the EU Council Directive 2018/822 (“the Directive”), known as “DAC6”. Περί Φορολογίας Κεφαλαιουχικών Κερδών Νόμος, Περί Έκτακτης Εισφοράς για την Άμυνα Νόμος, Περί Κτηματολογικού και Χωρομετρικού Τμήματος Νόμος. The temporary tax returns for 2019 must be completed filed on time. There was an error trying to send your message. The following persons have an obligation to submit a provisional tax return: On 29 June 2018, the Parliament voted for an amendment to the Law Regulating the Settlement of Overdue Taxes. The Cyprus Tax Department announced that the deadline for the submission of the income tax return for the year 2019, for companies and self-employed individuals preparing audited accounts (annual turnover above €70.000), is extended until 30 September 2021. Going Flat Rate. The new deadline is November 30. Following our communication with the Health Insurance Organisation and the Ministry of Finance, we understand that the intention of the Cyprus Government is for the reduced contributions to the GHS to apply for the months of April and May 2020 and this will be applicable for all contributors. Submission of Intrastat form. Stay up to date on the latest industry news. Download the full alert for details and useful examples. Following its publication, on 28 August, the Tax Department issued a clarifying Circular (Circular 46) with regards to the practical application of the law. In case of late payment of tax due, a penalty of 5% is imposed on the tax amount due. On 20 August 2020, a law amending the Assessment and Collection of Taxes Law was published in the Gazette. Tax competition in the form of harmful tax practices can distort trade and investment patterns, erode national tax bases and shift part of the tax burden onto less mobile tax bases. The amendment aims to simplify the relevant legislation and provide increased flexibility to taxpayers benefiting from these provisions. Sagehill Partners is boutique Audit, Tax and Consulting firm based in Cyprus. According to art. If provisional tax payments were made based on an … Cyprus: Provisional Tax 2021 Read More » The instalment option is available provided the taxpayers submit their VAT returns on time. In case of late payment of tax due, a penalty of 5% is imposed on the tax amount due. Electronic submission of 2019 income tax return (TD4) for companies and individuals preparing audited accounts. . On 2 November 2020, an amendment to the VAT Law was published in the Official Gazette allowing for the VAT that is due on 10 November 2020 to be settled in six equal monthly instalments without the imposition of additional tax and interest. Payment of premium tax for life insurance companies – 2nd instalment for 2021 (Form IR199). Any tax thereof, if applicable, must be paid in two. individuals who had purchased undeveloped building land on or after 2 January The Cyprus tax process is one of self-assessment. The decree reflects that the deadline for filing companies and self-employed taxpayers filing income tax returns for 2018 is extended until 1 June 2020. We would like to inform you that in accordance with the Decree issued on 30 July 2021, the deadline for the payment of the final tax due as per the income tax return for the tax year 2020 is extended until the 30th of September 2021 for: • Companies • Self-employed individuals with a turnover that exceeds the amount of €70,000 and with an obligation to prepare audited financial . 113 (“the Law”), the Registrar of Companies will impose administrative penalties on certain filings submitted after the prescribed timeframes as provided by the Law. Previously, it was extended from 31 March 2021 to 30 September 2021. Download the full alert which includes a table with the increases in contribution rates per category and the income limit. Submission of 2021 provisional tax return and payment of the first instalment of provisional tax by both individuals and companies. Tax returns by employees with an annual gross income of €19,500 and above as well as self-employed who do not submit audited accounts were initially due to be . The penalty for late submission of a VAT return increases from €51 to €100 for each late submitted VAT return. - Extension of the submission deadline of income tax returns for two months i.e. Mar 18, 2021 Cyprus Ratifies Pending Protocol to Tax Treaty with Germany Mar 18, 2021 Cyprus Provides 2019 Tax Return Deadline Extension for Companies and Self-Employed Individuals Mar 17, 2021 Cyprus Implements 5th EU Anti-Money Laundering Directive Mar 10, 2021 Cyprus Provides VAT Installment Payment Relief for COVID-19 Mar 04, 2021 10 June 2021. Registration/de-registration of non-Cyprus established persons, Imposition of zero rate for international transport. The temporary tax assessment/estimation is due in two equal instalments on or before following dates: 31st of July 2021, 31st of December 2021. 111 . Currently, it is levied on the supply of all goods or services in the country, on the acquisition of goods from other Member States and importation of goods from third countries. We would like to inform you that in accordance with a Decree issued on 20 October 2020, the deadlines for the submission of 2019 personal income tax returns and for the payment of tax, are extended to 30 November 2020. 2. the VAT reporting periods for taxpayers through 30 June 2020, the deadlines for submitting the VAT returns for these periods, and. 31 March 2021. The deadline for the settlement of the second instalment of the 2020 temporary tax is the 31 st of December 2020.. The guidance issued by the CTD follows a similar non-binding guidance issued by the Organisation for Economic Co-operation and Development (OECD), OECD’s Guidance. Thank you for your message. What profits are within the scope of the DDD provisions? Following our alert on the preliminary tax and VAT measures announced by the Cyprus Government following the Coronavirus outbreak (Issue 05/2020 dated 16/03/2020), the Cyprus Parliament proceeded with the voting of the relevant tax and VAT laws on 27 March 2020. We would like to inform you that an amending law was published in the Government Gazette which extends the provisions of the Law Regulating the Settlement of Overdue Taxes (the Law), offering part relief from interest and penalties. Electronic submission of 2019 tax return (Form IR1) for physical persons preparing audited financial statements. Income Tax Return for 2020: Further Extension of Submission Deadline 29/07/2021 The Cyprus Tax Department has recently announced that the deadline for submission of the Income Tax Return for 2020 will be extended further from. Payment of SDC for dividends/ interest from sources outside Cyprus. 1st August Submission of deemed dividend distribution declaration (TD623) for 2018. All returns and payments are online. Cyprus | Tax & Legal Services |21 April 2021 Cyprus Tax News Submission deadline extension for the 2020 tax returns due to the prolonged COVID-19 crisis We would like to inform you that in accordance with an amending Assessment and Collection of Taxes law published on 20 April 2021, due to the prolonged . Download the full alert for more information. We would like to inform you that in accordance with a Decree issued today, the following deadlines are extended to 30 November 2021: Following our previous alert on the non-imposition of administrative fines for overdue submission of DAC6 information until 30 September 2021, the Tax Department (TD) has announced that this period is further extended to 30 Νovember 2021. It should be noted that no extension is given on the settlement of SDC and GHS contributions arising on actual dividend distributions. The deadline for the electronic submission of the income tax return for the tax year 2019, for companies and self-employed persons whose turnover exceeds the amount of €70,000 and have the obligation to prepare audited accounts, has been extended from 31 March to 30 September 2021. Download the full alert for measures relating to: How can we help? With reference to our previous alerts (Issues 01/2021 and 02/2021), we would like to inform you that on 12 March 2021, the Registrar of Companies (RoC) announced that the electronic service for the registration of beneficial owner particulars for companies and other legal entities is available as from 16 March 2021 under the section “e-filing services” of the Companies section in the RoC website. The law was published in The 2018 TD4 includes two new important requirements in Part 3, relating to transfer pricing as shown below. End of each month. tax calendar events and our achievements. Payment of Special Contribution for Defence (SDC) and General Health Contribution (GHS) on rental, dividend or interest income under self-assessment from sources outside Cyprus for the last six months of 2021 (Form IR601). TaxisNet Announcements. Cyprus Tax News: Submission deadline extension for the 2019 Corporate Income Tax return. 31 January 2021 for dividends declared in December 2020). To illustrate the entire process, let's assume a Cyprus company was . Penalties. These instructions are in the same order as the questions on the Tax return for individuals 2021. More specifically, the submission deadline for the Income Tax Return of individuals (Form T.D.1) and Employer's Return (Form T.D.7), for the tax year 2020, is extended to 30 September 2021. On 11 December 2018, an amendment to the Income Tax Law (ITL) was published in the Official Government Gazette, providing tax incentives to companies involved in film productions. We would like to remind you of the obligations that arise from the deemed dividend distribution (DDD) provisions of the Special Contribution for the Defence Law that apply on 31 December 2020. Found insideThis is the fourth edition of Tax Policy Reforms: OECD and Selected Partner Economies, an annual publication that provides comparative information on tax reforms across countries and tracks tax policy developments over time. The content is current on 1 January 2021, with exceptions noted. We would like to inform you that according to article 12 (B) (2) of the Assessment and Collection of Taxes Law L.4/78, as amended, all returns submitted via the TAXISnet service have a 3 month extension to the submission deadline that is stipulated in the law. In accordance with a Decree issued by the Council of Ministers, individuals with annual gross income below €19,500 are exempted from the obligation to submit a personal income tax return for tax year 2020. It has been announced by the Cyprus Tax Authorities that the deadline for the submission of income tax returns for the year 2017 of a company (IR4) and self-employed persons who prepare financial statements (IR1) has been extended from 31 March 2019 to 30 April 2019. According to the amendment, a contribution of 0,4% is imposed on the sale of immovable property in the Republic. Telecommunications, Media & Entertainment, Subscribe to receive alerts directly via email, amending law Regulating the Settlement of Overdue taxes. during 2020, and the full tax return calculation of tax due. Previously, it was extended from 31 March 2021 to 30 September 2021. 394/2021 published 24 September 2021) extends the date for filing income tax returns by companies and "self-employed with accounts" for the year 2019. The revised submission deadline for DAC6 has been set for 30 September 2021 for the following reportable cross-border arrangements: made between 25 June 2018 and 30 June 2020 and had to be . Tax Treatment of the Benefits in Kind (BIK). The public interest rate applicable on late payment of taxes, as set by the Minister of Finance, for all amounts due after 1 January 2020 is 1,75% (2% for 2019, 3,5% for 2018 and 2017, 4% for 2016 and 2015, 4,5% for 2014, 4,75% for 2013, 5% for years 2012 and 2011, 5,35% for the year 2010, 8% for the years 2007‐2009 and 9% up to 31 December 2006). Electronic submission of the 2019 Personal Income Tax return (TD1A) of individuals preparing audited financial statements (FS). We would like to remind you of the deemed dividend distribution (DDD) provisions of the Special Contribution for the Defence Law that apply on 31 December 2018. On 28 September 2021, the Cyprus Tax Department issued a notice announcing that the deadline for the submission of tax returns by companies and self-employed individuals for the 2019 tax year has been extended by Decree KDP 394/2021, which was published on 24 September 2021.Previously extended to 30 September 2021, the decree further extends the deadline for submitting the company tax return . Return I.R.1A Employee submitted via paper copy is due 30/4 . We would like to inform you that in accordance with the latest Decree issued by Inland Revenue Department, the following deadlines are extended to 30 November 2021: Electronic submission of the 2019 Personal Income Tax return (TD1A) of individuals preparing . Found insideAddressing base erosion and profit shifting (BEPS) is a key priority of governments. In 2013, OECD and G20 countries, working together on an equal footing, adopted a 15-point Action Plan to address BEPS. You can then reduce the display size by selecting: View, Text size, Small size. Do you need to lodge a tax return? On 23 July 2021 and following the amending law Regulating the Settlement of Overdue taxes published on 29 April 2021, a Decree was published in the Official Gazette, providing details of the process and the years to which the scheme will apply, as well as the reliefs to be provided. The above deadlines are extended to 30 November 2021. We would like to inform you that on 15 January 2021 the new online portal "SISnet" for social insurance contributions was implemented, the use of which is mandatory as of 25 January 2021. ΤΦ 286 Φ (Greek). 2 Tax Facts Figures 2021 - Cyprus Table of contents Foreword 1 Personal income tax 2 Corporation tax 11 Special Contribution for Defence 26 Capital gains tax 32 Inheritance Tax 35 Value Added Tax 36 Immovable Property Tax 48 Trusts 50 Transfer fees by the department of land and surveys 52 Social insurance 54 General health system 56 Stamp duty 58 Capital duty 60 Tax treaties and withholding . Cyprus: Tax Submission Deadlines Extended. We are at your disposal to discuss the above and advise youof the potential impact on your activities. Cyprus introduced Valued Added Tax in 1992. The Directive enables businesses established and registered for VAT purposes within the EU to request a refund of the VAT incurred on business expenses in other EU member states. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. Submission of VIES form for goods and services. Download the full alert for a description of the amendments and how these may affect you. Submission of CbC Reports for the 2017 Reporting Fiscal Year (in respect of MNE groups which have a year end of 31 December 2017). Electronic submission of 2019 tax returns (Form IR4) for companies. An additional penalty of 5% is imposed if the tax remains unpaid 2 months after the payment deadline. Payment of tax deducted from employees salary (PAYE) in the previous month. If the estimated net income for the whole year of 2021 is over the personal allowance of €19,500 for the year then Cyprus income tax is due is due in two instalments in July and December. contributions to the General Healthcare System. The imposition of the administrative penalties will be effective from 18 December 2019. It is soon expected that the Informative Guide will also be issued in English in the official website of the Tax Department. The proceeds will go toward supporting refugees and owners of inaccessible immovable property, in an attempt to compensate for the inability to possess or use the land in the occupied north. Tax audit process. 2) of 2021. Infectious Diseases (Determination of Measures to Prevent the Spread of COVID-19 Coronavirus), the Cyprus Government announced a number of measures, Deloitte Innovation and Entrepreneurship Centre, Electronic submission of the 2019 Corporate Income Tax return (TD4), and. All rights reserved. The amending laws clarify that the tax incentives apply only to the rental of immovable property to businesses whose operations have been suspended and are specifically included in the Infectious Diseases (Determination of Measures to Prevent the Spread of COVID-19 Coronavirus) Having been declared a global pandemic by the World Health Organization, the virus is already impacting our day to day lives as well as our businesses. As we appreciate that clarifications may be required for the correct implementation of the above measures, we are in direct contact with the Ministry of Finance and we will aim to revert with further guidance as soon as possible. Cyprus: Extension of filing date for income tax returns for 2019, companies and self-employed. Found insideThis book is the first to investigate Co-operative Compliance alongside with the ICAP, describing developments in twelve countries (Australia, Austria, Canada, Germany, Italy, Japan, the Netherlands, Norway, Poland, Spain, the United ... An administrative penalty of up to €200 (depending on the specific case) is imposed for the late submission of either a tax return or supporting documentation requested by the Tax Commissioner. On 7 February 2020, the Health Insurance Organization (“HIO”), in exercising the powers conferred to it by the General Health System Legislation (“The Law”), issued instructions in relation to refunds on GHS Contributions. Cyprus – Notional Interest Deduction On New Capital, Cyprus – Employment Income Tax Exemptions, Cyprus – Special Defense Contribution Tax, Extension of Submission Deadlines for 2019 Tax Returns, CySEC Appoints Dr. George Theocharides as the New Chairman. The intention of both countries is for the revised WHT rates to be effective from 1 January 2021, through the signature of a protocol amending the existing tax Further to our previous alert on deemed dividend distribution (DDD), we would like to inform you that the deadline for the payment of SDC and GHS contributions on such distributions for the tax year 2018 is extended to 30 April 2021 (from 31 January 2021). This website uses cookies so that we can provide you with the best user experience possible. Please try again. Filing of companies temporary tax return for the year 2019. Cyprus Tax News: Submission deadline extension for the 2019 Corporate Income Tax return. 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