The submissions should be completed using the following guidelines:
Submission of a revised upward Temporary Tax return for the year 2022 to be completed by the 31st of December 2022.
- If the Taxpayer will proceed with the upward revision of the initial Temporary Tax submitted for the year 2022, such revision can be created through the Tax Portal by the 31st of December 2022. There is no need to complete the TD6 form at this stage.
- In order to avoid additional penalties for the month of December 2022, any excess amount between the initial 1st instalment and the revised figures have to be submitted before the 31st of December. Payments can be made either through Internet Banking or via wire transfer to the Tax Authorities.
- The deadline for the payment of the revised upward 2nd instalment of temporary tax is by 31st of December 2022. The payments can be executed through Internet Banking or via wire transfer to the Tax Authorities.
- If the payment of the 2nd upward instalment is made before the 31st of January 2023, no interest and penalties will be charged on the payer.
Submission of a revised downward Temporary Tax return for the year 2022 to be completed by the 31st of December 2022.
- If the taxpayer will proceed with submitting the downward revision of the initial Temporary Tax submitted for the year 2022, such revision can be made only through the submission of a revised Provisional Tax return to the Tax Authorities of the relevant District Tax Offices via email. The relevant District Tax Office is the Tax Office of the District where the Taxpayer is located.
- The submissions have to be accompanied by a TD.5 form for natural persons and Form TD.6 for legal persons and all submissions have to be made before the end of the 31st of December 2022 deadline.
- Once the revised provisional form is processed by the Tax Authorities, the deadline for the payment of the payment of the 2nd instalment is by 31st December 2022. Payments can be made either through Internet Banking or via wire transfer to the Tax Authorities.
- If the payment of the 2nd downward instalment is made before the 31st of January 2023, no interest and penalties will be charged on the payer.
Temporary Tax return for the year 2022 for the companies incorporated during 2022:
- The Commissioner has confirmed that no interest or penalties shall be imposed in cases where a Company was incorporated within the period from 31st of July to 31st of December in 2022.
- The total estimated temporary tax liability for the respective year shall be due by 31st of December without the imposition of interest and penalties.
- Companies which are affected by the Commissioner’s statement need to apply to the relevant District Tax Office and file a written request for the waiver of any interests and penalties imposed on their 1st temporary tax instalment.
No revision of the Temporary Tax return for the year 2022:
- The payment of the 2nd instalment of the 2022 Provisional tax can be made through Internet Banking or wire transfer to the Tax Authorities by the 31st of January 2023.
Special Defence contribution and General Healthcare System contributions for the 2nd half of 2022:
- Payment of the Special Defence contribution (“SDC”) and General Healthcare System contributions (“GHS”) for the 2nd half of 2022 shall need to be made no later than the 31st of December 2022. This is applicable to contributions on rental income which has not been withheld by the tenant; on overseas bank interest income and on any dividend income.
Special Contribution for Defence for the distributable profits of the year 2020 for deemed distribution purposes:
- The payment of SDC for the distributable profits of the year 2020 for deemed distribution purposes shall need to be made by the 31st of January 2023.
- Deemed distribution does not apply in respect to profits, directly or indirectly attributable to shareholders that are not Cyprus tax residents. The same applies in the case of Individual shareholders not considered to be tax resident and domiciled in the Republic of Cyprus.