The tax, calculated as 12.5% on the taxable income, is payable in two equal instalments, by the 31st of July and the 31st of December of 2023. 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 2023, please contact Froso Chrysanthou using the email email@example.com by the 21st of July, 2023, 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 2023.
Do not hesitate to contact us directly should you require any further assistance about the 2023 Temporary tax first instalment.