2017 Cyprus Temporary Tax Returns and Payment Now Due

The tax return deadline is 31/7/17 for 2017 Cyprus Temporary Tax Returns and Payment Now Due. 

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If you have yet to make a return then you have a month left to complete the return and make any tax due without penalty.

WHAT IS THE TEMPORARY RETURN?

The Cyprus temporary tax return is an estimate of income tax due for the current year and is due from 1st July until the month end 31/7/17. Penalties apply for late payment of more than a month  

If you are sent a return you should submit a tax return and declared estimated income even if there is no tax to pay.

Cyprus income tax is due for all estimate income over Euro 19500 from work and property rental including pension income   

WHEN IS TEMPORARY TAX PAID?

Cyprus Temporary Income Tax is paid in two instalments July and December for all working Tax residents  

Expats with only overseas pensions could make just one estimated income tax payment in December.

The estimated tax paid should be at least 75% of the final tax to avoid penalty. Any balance of income tax for the current year is due with the full return by 30th June the following year.

WHO HAS TO MAKE THE TEMPORARY INCOME TAX RETURN?

If you are working and have pension income you make the temporary income tax return  

if your Property Rental income takes your total income, including work or pension if any, you make this tax return.

If you are an Expat who is classed as non domicile having lived in Cyprus for less than 20 years, and have a sole source of income as overseas pensions, then you DO need to make the temporary return, but could pay all the income tax due in December  

ProACT Partnership Tax Saving Expat Experts -Tax Return Service 

Need help completing a return ? What advice on when to pay ? Need to be sure to avaoid penalties ? Contact-us for Free Review

www.proactpartnership.com/contact-us

Sam Orgill

ProACT Partnership Expatriate Advice

ProACTSam Orgill

ProACT Partnership - Tax Saving Expat Experts

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