01/07/2024
According to the applicable tax law in Cyprus, companies and self-employed individuals that estimate taxable income for the year 2024, should submit a temporary tax assessment by the end of July 2024.
The purpose of the temporary tax assessment is to estimate the taxable profit for the year and to calculate the resulting corporation/income tax, as well as the General Health Scheme contributions, which are payable in two equal instalment as follows:
- 31 July 2024: payment of 1st instalment together with the submission of the temporary assessment
- 31 December 2024: payment of 2nd instalment
Noting that if the payments are made within one month from the above due dates i.e. 31 August 2024 and 31 January 2025 respectively, no interest and charges are imposed by the Tax Department.
In case the temporary assessment is less that 75% of the final taxable income, as determined after the preparation of the financial statements and relevant tax computation, a 10% additional tax is imposed on the tax payable.
Tax payers have the right to revise their temporary tax assessment and the relevant tax liability by the 31 December 2024.
PGE&Co remains at your disposal for any clarifications and for further assistance that might be needed on this or on any other matter.