Sam Orgill of ProACT Partnership lists the forthcoming Cyprus Tax Deadlines
In the midst of the Currency Crunch and Christmas time tax payments remain with us. I thought we’d be ProACTIVE with our update of forthcoming deadlines.
First. A top tip:
Income Tax due by 31/12/08 is an “estimate” for your full 2008 return due in Spring 2009. As long as the ‘Temporary Tax’ paid is OVER 75% of the final tax bill - NO penalties will be applied. Official tax exchange rates will probably change on 01/01/09. So consider saving cash and reduce payments on account by up to 25% without penalty. Need to know more? Contact ProACT
Tax Deadlines:
31/12/08: Third installment of Cyprus Temporary Tax due - Need help? - Ask ProACT
January 2009: Savings Tax on offshore bank interest due to be paid. Rental and Share dividend Defence Levy tax is also due this month. Need help? - Ask ProACT
January 2009: If you have a UK return it is due on-line this month. Need help? Ask ProACT
10 February 2009: Self Employed 4th quarter 2008 Social Insurance payment due. Need help? Ask ProACT
So, a busy year end and a busy start to 2009 for ProACT. ProACT offer FREE reviews on any tax matters relating to Living and Working abroad. To arrange YOUR FREE review Contact ProACT.
For a comprehensive list of ProACT’s Tax services CLICK HERE.
From ALL at ProACT a very Happy Christmas and a Prosperous 2009.
Posted 2 weeks ago at 12:21 pm. Add a comment
Welcome to the FAQ pages of the ProACT Expat Expert Question & Answer web pages where you have access to professional expatriate advice on a wide range of topics relevant to Families & Business Living Abroad - whether living, working, retired or investing overseas.
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Posted 1 month, 2 weeks ago at 3:40 am. Add a comment
Q. What do I need to do in order to become a Cyprus Tax Resident?
A. You have to complete an Immigration & Residency application process in order to register for Cyprus tax - which takes somewhere between 6 - 12 months. ProACT can help with all of the Immigration, Tax, ID and medical requirements and formalities.
For more information contact info@proactpartnership.com or go to www.proactpartnership.com
Posted 1 month, 2 weeks ago at 12:09 pm. Add a comment
Q. About 3 years ago, prior to Cyprus joining the EU we bought a Cyprus property in order to get a “foot on the ladder”. Can we now pay Cyprus tax?
A. You need to spend 183 days in Cyprus per year in order to qualify as a tax resident for all your worldwide income.
For more information go to: www.proactpartnership.com or contact us at info@proactpartnership.com
Posted 1 month, 2 weeks ago at 12:04 pm. Add a comment
Q. Because of potential changes to the UK tax legislation my UK accountant has advised that I consider Cyprus given the double-taxation agreement.
A. Cyprus has a full double-taxation treaty with the UK and because you pay tax on worldwide income albeit at a significantly lower rate - generally no tax arises in the UK. The exception is income fixed in the UK.
For more information go to www.proactpartnership.com or contact us via info@proactpartnership.com
Posted 1 month, 2 weeks ago at 11:59 am. Add a comment
Q. As a pilot paid tax free from the Channel Islands into a UK account I’m advised that due to changes in the tax legislation I may be liable for UK tax from 2008. Should I consider paying Cyprus tax?
A. Yes. The recent ruling by the Law Lords in the Tax tribunal case known as GRACE has ruled that based in the UK but working abroad can still be considered liable for UK tax. Once a Cyprus tax resident you will be subject to tax on worldwide income - but there are ways to mitigate tax liability.
For more details go to: www.proactpartnership.com or CONTACT US
Posted 1 month, 2 weeks ago at 11:41 am. Add a comment
