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Cyprus collecting taxes Law No. 4 - attention Cyprus resident company owners.

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  • Cyprus collecting taxes Law No. 4 - attention Cyprus resident company owners.

    Originally posted by Admin View Post
    The below is for all that owe a Cyprus RESIDENT company, means a company that is under management in Cyprus and therefore considered to be Cyprus resident!

    Many have appointed a nominee director (Cypriot) and therefore the company is considered to be a Cyprus resident company!

    According to article 24 of the Assessment and Collection of Taxes Law No.4 of 1978, as amended, all Cyprus tax resident companies must submit an estimate of 2011 temporary chargeable income and of the resulting tax by 1 August 2011. As a result, we kindly request that you provide us with your estimate by no latter than the 20th of July 2011.

    Your estimate should provide us with indicative figures for the following 2011 sources of income and expenses:

    1. Dividend income;
    2. Net interest income/expense;
    3. Gross trading profit/loss;
    4. Other sources of income/expense;

    The tax (if any) is payable in three equal installments on 1st of August 2011, 30th of September 2011, and on 31st of December 2011.

    If no temporary tax is due, you must to inform us.

    If any installment of temporary assessment is not paid within the prescribed date it is collected with interest, computed in accordance with the applicable interest rate (currently 5.35%), per annum.

    If the return is submitted after the prescribed date, delayed payments are subject to:
    • Fines
    • Additional charges, and
    • Interest computed in accordance with the applicable interest rate per annum from the first month of the delay, in accordance with the Assessment and Collection Taxes Law N.4 of 1978, as amended.
    Section 26 of the Assessment and Collection of Taxes Law N.4 of 1978, as amended, stipulates the effects of low estimation of chargeable income and of overpayment are as follows:
    • The imposition of a penalty of 10% of the difference between the tax as finally determined and the temporary tax assessed where the temporary chargeable income assessed is less than 75% of the chargeable income as finally determined.
    • The refund of any overpayment of temporary tax together with interest, computed in accordance with the applicable public interest rate, per annum based on the completed months from the 1st January of the year following the assessment year for which the provisional tax is concerned.
    Payments acceptable by the Inland Revenue Department may be made either in bank transfer, cash, credit card or by cheque (must be drawn on a Cypriot bank). Cheques must be made payable to the Director of Inland Revenue and crossed.

    Finally, please note that you can adjust your estimate before 31 December 2011, thus avoiding the 10% one-off penalty.

    Please contact your Agent in Cyprus to arrange for payment or further information!
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