2020 income tax declaration submission

2020 income tax declaration submission

By: P. Constantinou & Co Ltd

The Tax Department announced that the 2020 Income Tax Return for Individuals (TD1) will be available for submission through the TAXISnet system later this month (July). The deadline is the 30th of September 2021.

For the submission of the above return, the electronic registration in the TAXISnet system is necessary.

Up to and including the tax year 2020, individuals with gross income under the tax-free threshold of €19.500 are not obliged to submit a personal income tax return (TD1).

From the tax year 2021 onwards all individuals with income from, amongst others, salaries, rents, royalties, pensions, dividends, interest, and profits from share dealings, which may be exempt from the income tax and/or special contribution for defense, are obliged to submit a personal income tax return.

Self-employed persons whose turnover does not exceed the amount of €70,000 for 2020 will not have the obligation to prepare audited accounts as well as payment (self-assessment).

If you would like any further assistance or consultation regarding the or consultation regarding the 2020 income tax submission please contact us >

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Tags: Cyprus tax, Cyprus Tax Planning

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