By – P. Constantinou & Co. Ltd
The law was amended so that the obligation to pay the Defence contribution tax withheld on rents can be settled in two semi-annual installments instead of monthly payments.
Starting from June 9th, 2023, every person who has the obligation to withhold special contribution for defence from rental payments can pay in 2 instalments, the first payment due by June 30th and the second by December 31st of each year.
Interest of 2,25% will be imposed if payments are not paid within the month following the 30th of June and 31st of December of each year, and a penalty of 5% on the due tax in such cases where the due tax is not timely paid.