TAX DECLARATIONS
Every Cyprus company is obliged, under the law, to
submit to the tax authority an annual tax declaration
by 31 December following the year of registration.
Corporation tax is estimated and paid during the
year of operation by three equal instalments,- on
August 1st, September 30th and December 31st.
The final settlement of the tax will be determined
by the tax authority on average 2—3 years after
submission of the tax return.
If the company has estimated and paid the tax during the year of operation, and upon settlement it is found that the actual profit is by 25 % above the declared amount the tax authority will raise an additional tax charge equal to 10 % of the difference. The tax authority will charge additionally 5 % of the taxable profit if the Annual tax return is not submitted by the specified time. Moreover, interest will be charged at the rate of 8 % from the due date.
