Deadline for settlement of taxes through self-assessment
By: P. Constantinou & Co
The 30th of June 2020 is set as the final date to settle taxes through self-assessment for Special Contribution for Defence on rents, special Contribution for Defence on dividends and interest received and National Health Contributions on the gross rental income, dividends and interest.
Affected entities and individuals will have up to the 30th of June 2020 to calculate and submit the following:
- The Special Contribution for Defence on rents received by tax resident individuals and Cyprus tax resident companies during the first 6 months of 2020.
- The Special Contribution for Defence on dividends and interest received from abroad by tax resident individuals domiciled in Cyprus during the first 6 months of 2020.
- The National Health Contributions on the gross rental income received both within Cyprus and outside Cyprus, dividends and interest from foreign sources received during the period from the 1st of January 2020 to 30th of June 2020 from Cyprus tax resident individuals.
Extension for the deadline of submission of tax returns
For employees, retirees and self-employed:
- For employees and pensioners with an income of more than €19,500 for the year 2019, the deadline for submitting the electronic income statement has been extended to 30th of October 2020.
- For self-employed persons with a turnover of less than €70,000 for the year 2019, an extension of the electronic income tax return has also been extended to 30th of October 2020.
Interest and penalties will be imposed on any amounts due in case there is a failure to settle the relevant tax liabilities on time.
If you require more information, clarifications, further assistance, or if you would like us to make the payment on behalf of your company please do not hesitate to contact us.