Cyprus Temporary Tax Preliminary Self-assessment for the year 2024

We kindly remind you that under the provisions of the Income Tax Law, every Company must submit to the Tax Authorities by 31st July 2024 a preliminary self-assessment, declaring the Company’s estimated Taxable income of the current year as well as the respective Tax payable. The general income tax rate for all companies for 2024 is 12.5%.

Note that the non-submission of such return is considered as submission of zero declaration, that is to say zero taxable income and zero tax.

The estimated Tax payable must be paid in two equal instalments on or before 31st July 2024 and 31st December 2024. Effective deadline, without interest or penalty being imposed, is one month later.

The original declaration can be revised at a later stage before December 31st of the current year. However, the revised Taxable income will be apportioned equally over the two instalments and the difference on the instalments already paid will attract interest at 1.75%.

The declared Taxable income must not be less than 75% of the final Taxable income as determined by the audited Financial Statements otherwise an additional tax of 10% on the remaining tax payable will apply. We remind you that the tax return for 2023 needs to be submitted by 31st March 2025 although interest on the amount due is calculated from 1st August 2024.

Our fees for the service will be provided to you in advance, once we receive your request.

In view of the above you are requested to either provide us with your estimated Taxable Income for the year or to provide us with the necessary information to assist you in establishing the estimate.

Tax advisory, Tax Consulting