The Tax Department recently issued a reminder to taxpayers regarding the payment of any remaining income tax and corporate income tax due for 2016. Under Cyprus's self-assessment scheme, taxpayers must pay the estimated tax for any year in two equal instalments during the year of assessment and pay any outstanding balance in the following year.
June 30 2017 is the final payment date in 2016 for individuals with income from salaried services and self-employed individuals with a turnover of up to €70,000. For self-employed individuals with a turnover of more than €70,000, the final payment date is August 1 2017. August 1 2017 is also the final payment date for companies.
For further information on this topic please contact Philippos Aristotelous at Elias Neocleous & Co LLC by telephone (+357 25 110 110) or email ([email protected]). The Elias Neocleous & Co LLC website can be accessed at www.neo.law.