ICC SOVEREIGN GROUP

Income Tax Return 2018: Deadline for the Submission of Employed Individuals

05 Jul 2019

The Cyprus Tax Department has announced that Income Tax Returns for Employed Individuals can be submitted with a deadline of July 31, 2019.

The Tax return can be submitted via the TaxisNet system (web portal), after the registration in the system.

Important points to be considered:

I. A penalty equal to €100 imposed on late submission of the Employers’ return for the previous tax year. In case the Tax Department requests in writing the tax return of a specific year and this is not submitted within the requested period, there is a penalty of €200 imposed for every notice issued.

II. There is a penalty equal to €100 imposed on late submission of the personal Income tax return by salaried Individuals. In case the Tax Department requests in writing the tax return of a specific year and this is not submitted within the requested period, there is a penalty of €200 imposed for every notice issued.

Also, if any information is omitted from the tax return, then a liability arises on conviction of a fine up to €3.417 plus the tax due.

III. Regarding the submission of the Provisional tax return for the current tax year and payment of the first provisional tax instalment, there is a penalty of 10% payable on the difference between the tax due per the final assessment and the tax due per the temporary assessment, in case the temporary taxable income per temporary assessment is less than 75% of the taxable income per the final assessment.

In case an installment of the temporary tax assessment is not paid within 30 days from the due date, there is an interest rate of 2%* per annum imposed.

The clock is ticking so Don't Miss the Deadline.

OUR MISSION & VISION

Our mission at ICC SOVEREIGN GROUP is to sustain our Group’s key position in the Financial & Fiduciary Services sector.

Our vision is to become the leading financial & fiduciary services provider in all jurisdictions we operate

OUR COMMITMENT

At ICC SOVEREIGN GROUP we treat our clients with courtesy and integrity. We guarantee to deliver the highest level of service to our clients.

We give the same attention to all clients, no matter how large or small they may be. Our years of experience in the industry ensure that your company is in good hands

OUR RECORD

Our consistent track record of uncompromising ethics instills confidence and trust. We use cutting edge technologies to ensure up to the minute information from the financial world.

This allows us to respond quickly, and give you the most relevant information and perspectives.

Head Office : 17 Megalou Alexandrou Street, ICC SOVEREIGN BUSINESS CENTRE, 2121 Aglantzia, Nicosia, Cyprus

Correspondence Address : P.O.Box 28558, 2080 Nicosia, Cyprus

Contact : : +357 22 490909 | : +357 22 518484 | : info@iccsovereigngroup.com | : iccgroupeu

Terms of use | Privacy Policy