|
Contributions |
|
% |
|
|
|
|
|
Employee |
|
|
|
Social Insurance |
|
6,8 |
|
|
|
|
|
Employer |
|
|
|
Social Insurance |
|
6,8 |
|
Social cohesion fund |
|
2,0 |
|
Redundancy fund |
|
1,2 |
|
Industrial training fund |
|
0,5 |
|
Holiday fund (if is not exempt) |
|
8,0 |
|
|
|
|
|
Self-employed |
|
12,6 |
End of each month
Payment of tax deducted from employees salary (PAYE) in the preceding month.
Payment of special contribution for defence withheld on payments of dividends, interest or rents (when the tenant is a company, partnership, the state or local authority) made to Cyprus tax residents in the preceding month.
Payment of social insurance contributions for the preceding month.
31-Jan
Submission of declaration of deemed dividend distribution (IR623) for the year ended 31 December 2009.
31-Mar
Electronic submission of the 2010 corporation tax return (IR4) for accounting periods ending on 31 December 2010.
30-Apr
Submission of 2011 personal returns of individuals where their gross income arises exclusively from salaried services (Form I.R.1).(1).
30-Jun
Submission of 2011 personal returns of individuals not preparing audited financial statements (1) (2) and payment of tax via a self-assessment method.
Payment of special contribution for defence for the first six months of 2012 on rents and on dividents or interest from sources outside Cyprus.
31-Jul
Electronic submission by employers of the total 2011 payroll (Form IR7).
01-Aug
Submission of provisional tax declaration and payment of first instalment of provisional tax for 2012.
Payment of 2011 final corporation tax under the self-assessment method.
Payment of 2011 personal income tax under the self-assessment method by individuals preparing audited financial statements. (2)
30-Sep
Payment of provisional tax - second instalment for 2012.
Payment of immovable property tax for 2012.
31-Dec
Submission of 2011 tax returns of individuals preparing audited financial statements (2).
Payment of provisional tax - third and last instalment for 2012.
Payment of special contribution for defence for the last six months of 2012 on rents and on dividends or interest from sources outside Cyprus.
Interest and Penalties
The official interest rate as set by the Finance Minister, is 5% per annum for all amounts due after 1 January 2011 (5,35% for the year 2010,8% for the years 2007-2009 and 9% before December 2006).
In addition to the interest, penalties are also charged depending on the circumstances.
Notes
(1) Physical persons submit returns only when their gross income exceeds €19.500.
(2) A physical person is obliged to submit audited financial statements if his/her turnover exceeds €70.000 annually.
