Deadline for the 2nd instalment: 31st December 2022

According to the Cyprus Income Tax Law, all Cypriot tax resident companies that expect to have taxable income for the year 2022, must proceed with the submission and payment of the provisional tax for the 2nd instalment of 2022.

• 31st December 2022 – Due Date for the payment of 2nd instalment

All companies have the right to revise their taxable income at any time before the 31^st December 2022 ending up in Upward Revision, Downward Revision or No revision at all from the initial Temporary Tax submitted for the year 2022.

In the case of:

Upwards revision of the Temporary Tax return for the year 2022 than initially submitted:

• revision can be created through the Tax Portal by the 31^st of December 2022.
• excess amount between the initial and the revised can be paid either through Internet or via wire transfer before the 31^st of December 2022 in order to avoid the imposition of additional interest and penalties for the month of December 2022.
• the deadline for the payment of the revised upward 2^nd instalment is by 31^st of December 2022. If though the payment will be made before the 31^st of January 2023, no interest and penalties will be imposed.

Downwards revision of the Temporary Tax return for the year 2022 than initially submitted:

• such revision can be made only through the submission of a revised Provisional Tax return, (Form TD.5 for natural persons and Form TD.6 for legal persons), to the Tax Authorities various District Tax Offices via email, depending on the taxpayer’s District Tax Office by the 31^st of December 2022.
• the deadline of the payment of the 2^nd instalment is by 31^st December 2022 and can be made through Internet Banking or via wire transfer. However, if the payment will be made before the 31^st of January 2023, no interest and penalties will be imposed.

No revision of the Temporary Tax return for the year 2022: 

• The payment of the initial 2^nd instalment of the 2022 Provisional tax can be made through Internet Banking or wire transfer by the 31^st of January 2023

Temporary Tax return for the year 2022 for the companies incorporated during 2022: 

• 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 a specific calendar year, since by default the said Company was not in a position to proceed with the payment of its 1st instalment of temporary tax.
• 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 affected 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 instalment of temporary tax.

SDC and GHS for the 2^nd semester of 2022:

• Payment of the Special Defence contribution (“SDC”) and General Healthcare System contributions (“GHS”) for the 2^nd semester of 2022 on rental income which has not been withheld by the tenant, on overseas bank interest income and on any dividend income which may be subject to SDC and GHS shall need to be made no later than the 31^st of December 2022.