Revision of Cyprus Company’s temporary tax assessment and second installment payment in relation to the year 2015
Cyprus companies have to pay the second installment of their provisional tax declared to the Cyprus Tax Department earlier this year.
According to the Cyprus Income Tax Law, Cyprus companies had the obligation to submit a temporary tax assessment / estimation of their 2015 chargeable income.
The temporary tax assessment / estimation is payable in two equal installments, before or at the following dates:
– 31 July 2015
– 31 December 2015
A 10% surcharge is imposed on the difference between the tax as finally determined in the relevant annual report (financial statements) and the temporary tax assessment / estimation when the temporary assessment / estimation is less than the 75% of the chargeable income. Revised tax assessment / estimations can be submitted at the Cyprus Tax department on or before 31 December 2015.
Cyprus Companies which pay their taxes after the due dates interest is imposed.
If in according to the company’s estimates there is no taxable income or any tax due, the Cyprus Company is not required to make a declaration.
For more information please contact our offices:
Tel.No. + 357 22 462727
PKF / ATCO Limited is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms. This publication is for information purposes only and should not be considered as professional advice.