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Updates For Tax Returns & Employer's Declaration
Taxand Cyprus discovers the effect these updates may have for Cypriot taxpayers.
Submission of the Provision Tax Return for 2013
Following the amendments to the Assessment and Collection of Taxes Law, the deadline for the submission and payment of the first installment of the provisional tax return has become 31 July and for the second installment, 31 December. Previously three installments were permitted, with deadlines of 1 August, 30 September and 31 December.
Although the number of installments permitted for tax submissions has been reduced, the payment of provisional tax in only one transaction is still allowed.
Before the amendments made to the Assessment and Collection of Taxes Law were introduced, it used to be that the employer's declaration could be submitted either manually or electronically, on 30 April each year.
Further to the amended Taxes Law the date of submission has been changed to 30 July. It has also been decided that manual submissions of the employer's declaration will no longer be accepted and only electronic entries will be allowed, and are therefore mandatory.
Your Taxand contact for further queries is:
T. +357 22 699 222
For large corporations these updates will not have much effect due to the likelihood that they will already pay their tax returns electronically and in one transaction. Electronic submission will also make the life of service providers, engaged in payroll services, easier since a vast majority of them already use electronic means for payroll. Nevertheless, in a country which has a great number of medium or small sized companies, who have historically submitted their tax returns manually, the transition from manual to electronic submission will not be as easy.