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New Electronic Submission of Income Tax Returns

Cyprus

The Inland Revenue Department has set up the electronic submission of Company Income Tax Returns IR4 for 2010, the Employers Returns IR7 for 2011 and the Income Tax Return of Employee and Income Tax Return of Self Employed IR1 through Taxisnet. Taxand Cyprus looks at the new procedures and considers how Cypriot taxpayers will be affected.

The Taxisnet system can be accessed and used, once the password has been acquired via email, by taxpayers who are registered at the Tax Records, whether physical or legal entities.

Procedure of registration of legal entities with Taxisnet
Completion of the forms IR80 and IR68, which need to be fully signed by the Director and the authorised Auditor of the Company, who is a Member of the Institute of Certified Public Accountants of Cyprus (ICPAC).

Once the password is obtained, the forms IR4 and IR7 can be submitted electronically.

Procedure for registration of individuals with Taxisnet
Completion of the forms IR66 and IR67, which need to be fully signed by the Individual and the authorised Auditor, who is a Member of the Institute of Certified Public Accountants of Cyprus (ICPAC).

Once the password is obtained, the form IR1 can be submitted electronically.

The last date of submission of the Income Tax Return of Employee through Taxisnet is 31 July 2012. The last submission date for individuals who choose not to submit their return through Taxisnet still remains 30 April 2012.

The last date of submission though Taxisnet for Income Tax Return of Self Employed, without financial accounts, is 30 September 2012. The last submission date for individuals who choose not to submit their returns via Taxisnet still remains 30 June 2012.

For Income Tax Returns of Self Employed with financial accounts, the last date of submission will be 31 March 2013.

Taxand's Take


The system has been credited as very promising. It will allow companies and individuals to save time and costs by submitting their tax returns electronically.

Your Taxand contact for further queries is:

Zoe Kokoni
T. +357 22 699 222
E. zoe.kokoni@eurofast.eu

Taxand's Take Author