Have you missed the Cyprus tax deadline?
Did you get your 2021 full year Cyprus Tax Return submitted by the due date 31st July 2022?
Did you get your balance of tax for last year paid by the same due date?
Late returns have a threat of penalties and interest.
If you submitted returns and tax payments well done and all is good.
If not you will not suffer to the nth degree and at the 11th hour of the 28th day of the 7th month you have got a last minute tax allowance.
The Cyprus government has issued a last minute ruling on the 29th July to offer a month extension for 2021 full tax returns and the balancing payment.
That means that the new deadline for your 2021 full Cyprus tax return, including balancing payments, is now the 31st August 2022.
Even so if you have an update or correction to returns submitted so far they can still be revised and correct to update until 31/12/2022.
Who Returns
Any individual or sole trader tax resident in Cyprus in 2021 with any income liable to taxes including income, dividends, interest, property rental and royalties, who has an income or or flat rate SDC Defence Tax or GHS Health tax, are due to submit a tax return and pay any balance of tax due for 2021
Noting the flat rate SDC Defence Tax or GHS Health tax are due on all income without allowances, so even €100 has some tax liability.
There are exemptions for expats or pensioners but only if the exemptions are registered and certified by the tax office in Cyprus.
Read more: Do I Need To Submit A Cyprus Tax Return?
ProACT Know How
If you need to register for tax return exemptions or make a return for last year contact us at ProACT Partnership.
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