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Applying for Tax Returns in Cyprus

Applying for Tax Returns in Cyprus

The annual tax return for citizens in Cyprus

When applying for tax returns in Cyprus the time limit is the 30th of April, but the deadline may be extended by the of July if the tax return documents are submitted online through the Taxisnet System. When applying for tax returns Cypriot employees must submit a declaration of the taxable income but also a claim for deductions and allowances. After receiving the documentation the tax authorities will issue a tax assessment and will credit the tax deducted from the wages made throughout the year according to the Pay-As-You-Earn (PAYE) system.

Non-resident persons must be living in Cyprus for at least six months in order to pay a tax on their worldwide income. Those living in Cyprus less than six months will pay a tax on the income made in Cyprus. Foreign citizens living in the island will also benefit from the Cypriot double taxation agreements that limit the appliance of the same tax twice.

What are the requirements for Cypriot companies applying for tax returns?

Companies must prepare their financial statements and file them with the Cypriot Companies Register. Based on the result of their annual financial statements, a Cypriot company may apply for tax returns. In order to have a clear picture of the company’s situation it is advisable to request the legal services of a Cypriot law firm. The filing of annual tax returns must be made by the end of the 31st of December.

What are the information Cypriot companies must provide when applying for tax returns?

Companies in Cyprus are required to prepare an Annual Return (HE32) that must contain information about registered office of the company, the shareholders, directors and secretary. The annual return must also provide information about the company’s liabilities and debentures. Starting 2004, companies must also file a copy after the previous year’s financial statements together with the annual return. Companies must have all their accounting statements and legal obligations updated before applying for tax returns in Cyprus.

Our lawyers in Cyprus will provide you with complete information about the taxation system and our accountants will help you with the annual financial statements. You can also contact us for company registration in Cyprus.