Cyprus Tax Calendar 2024

Throughout the year, entities are required to adhere to various deadlines, such as the submission of income tax returns, payment of taxes withheld for both residents and non-residents, and contributions to social insurance and health schemes. Notably, the calendar includes specific obligations for different periods, including payments for PAYE, SDC, and GHS contributions.

DateObligationTax Form
End of each monthPayment of PAYE deducted from employees’ salaries for the previous monthTD61
Payment of tax withheld on payments made to non-Cyprus tax residents during the previous monthTD11
Payment of SDC (and GHS contributions if payment is made to a Cyprus tax resident individual) withheld on dividends and interest paid in the previous month to Cyprus tax residentsTD603 & TD602
31 JanuaryPayment of SDC and GHS contributions on deemed dividend distribution for the profits of tax year 2021TD623
31 MarchElectronic submission of the income tax return for tax year 2022 for individuals preparing audited financial statements and companiesTD1, TD4
30 AprilPayment of the first instalment of the premium tax for insurance companies (life business) for 2024TD199
31 MayElectronic submission of the 2023 employer’s returnTD7
30 JunePayment of SDC (and GHS contributions if payment is made to a Cyprus tax resident individual) on rents, dividends or interest earned from sources outside the Republic for the first 6 months of 2024Through tax portal under payment codes 604, 612, 613
Payment of SDC (and GHS contributions if payment is made to Cyprus tax resident individual) withheld on rent* paid for the first 6 months of 2024
*Where the tenant is a Cyprus company, partnership, the Government or a local authority there is an obligation to withhold SDC on the amount of the rent paid
TD614 (payment code 614)
31 JulyElectronic submission of the 2023 personal tax return by individuals and payment of the income tax liabilityTD1
Submission of the 2024 provisional tax return and payment of the first instalment of provisional taxThrough tax portal under payment codes 200 and 213 for self-employed individuals
1 AugustPayment of the 2023 tax balance through self-assessment by individuals preparing audited financial statements and companiesThrough tax portal under payment code 300
31 AugustPayment of the second instalment of the premium tax for insurance companies (life business) for 2024TD199
31 DecemberSubmission of the 2024 revised provisional tax return (if applicable) and payment of the second instalment of provisional taxThrough tax portal in case of downward or upward revision
Payment of SDC (and GHS contributions if payment is made to a Cyprus tax resident individual) on rents, dividends or interest earned from sources outside of Cyprus for the last 6 months of 2024Through tax portal under payment codes 604, 612, 613
Payment of SDC (and GHS contributions if payment is made to Cyprus tax resident individual) withheld on rent* paid for the last 6 months of 2024
*Where the tenant is a Cyprus company, partnership, the Government or a local authority there is an obligation to withhold SDC on the amount of the rent paid
TD614 (payment code 614)
Payment of the third and last instalment of the premium tax for insurance companies (life business) for 2024TD199

Note: Tax payments can only be made electronically

Electronic Submission of Tax Returns

Every individual or company obligated to file a tax return under the Assessment and Collection of Taxes Law must do so electronically. Individuals whose gross income falls under Article 5 of the Income Tax Law are required to file a tax return. However, the Council of Ministers may exempt certain taxpayers with a total annual gross income below €19,500 from this requirement and may also grant extensions for the submission deadline.

Submission of Revised Tax Returns

Starting from the 2018 tax year, taxpayers can submit a revised tax return within three years from the original submission deadline. In exceptional circumstances, the Cyprus Tax Department may accept late revised income tax returns, provided they meet specific conditions outlined in Circular 9/2023. Revised tax returns must be submitted using Forms T.D.001AN2020 (for Individuals) and T.D.004AN2020 (for Companies).

Administrative Penalties

A penalty of €100 or €200 will be levied for the late submission of a tax return or for the delayed submission of requested supporting documents, depending on the case. Additionally, a 5% penalty is applied to overdue tax payments, with an extra 5% added if the tax remains unpaid two months past the deadline.

Public Interest Rate

The interest rate for late tax payments is determined by Decree and is applied monthly. For 2024, the interest rate has been set at 5%. You can see the prior year interest rates in the table below.

PeriodInterest Rate (%)
Up to 31/12/20069
1/1/2007 - 31/12/20098
1/1/2010 - 31/12/20105.35
1/1/2011 - 31/12/20125
1/1/2013 - 31/12/20134.75
1/1/2014 - 31/12/20144.5
1/1/2015 - 31/12/20164
1/1/2017 - 31/12/20183.5
1/1/2019 - 31/12/20192
1/1/2020 - 31/12/20221.75
1/1/2023 - 31/12/20232.25

Disclaimer: This tax calendar provides general information and is intended as a guide only. Tax laws and regulations are subject to change, and therefore, individuals and businesses are advised to consult with us for personalized advice and for the latest updates on tax regulations.

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