Cyprus companies: 2022 Temporary tax first instalment

Cyprus companies: 2022 Temporary tax first instalment

By: P. Constantinou & Co Ltd

Companies that expect to have taxable income for the year 2022 must pay the first instalment of the temporary (provisional) tax by 31 July 2022.

Note that the temporary tax is paid only using the JCCSMART website.

The tax, calculated as 12.5% on the taxable income, is payable in two equal instalments, by 31 July and 31 December of 2022. Late filing of the return and payment of the tax will attract interest and penalties.

The aim of payment of the provisional tax is to avoid a 10% “additional tax”.

However, to achieve this, your estimated taxable income must be at least 75% of the final taxable income as it will be determined by your company’s audited financial statements.

May we further remind you that you can revise this temporary assessment before the end of each calendar year.

If you expect that your company will have taxable income for the year 2022, please contact office@pconstantinou.com by the 13th of July, 2022, to arrange the payment of the first instalment of the provisional tax.

Finally, please note that the final instalment must be transferred by the 15th of December 2022.

Do not hesitate to contact us directly should you require any further assistance about the 2022 Temporary tax first instalment.

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