Those of you looking to incorporate, or have already incorporated, in Cyprus may not be aware that last year there were some changes to the provisional tax in the country. This does not affect the rate of tax your business pays or your tax status but merely the procedure of submission of provisional tax self-assessments by companies.
As such, the submission of the Provisional tax self-assessment form must be submitted by 31 July of the estimated income of the company instead of 1 August as it was previously provided before. Also, the payment of any tax should be made in two instalments, the first with the submission on 31 July and the second by 31 December. This replaces the previous system of paying the provisional tax in three instalments.
With Cyprus updating its tax procedures, it’s more important than ever for businesses to stay compliant. Our team can guide you through company formation in Cyprus, accountancy, and tax planning to ensure your business takes full advantage of Cyprus’s attractive corporate environment.
