Companies which expect to have taxable income for the year 2019 must pay the first installment of the temporary tax by 31 July 2019.
The tax, calculated as 12.5% on the taxable income, is payable in two equal installments – the first by 31 July 2019 and the second by 31 December of 2019.
Late payment of tax will attract interest and penalties.
The purpose of payment of provisional tax is to avoid the 10% “additional tax”. To achieve this, however, your estimated taxable income must be at least 75% of the final taxable income as it will be determined by audited financial statements. May we further remind you that you can revise this temporary assessment before the end of each year.
The temporary tax is paid only using the JCCSMART website.
If you expect that your company will have taxable income for the year 2019, please contact your accountant in order to arrange the calculation and payment of the first installment on your company’s behalf.
Please note that the final installment must be transferred by the 15th December 2019.
If you require more information, clarifications, further assistance regarding the company temporary taxplease feel free to communicate with our firm.
BY:P. Constantinou & Co. Ltd