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New Laws voted by the Cyprus Parliament
New Law was enacted governing the provision of fiduciary and corporate services
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Amendments to the Assessment and Collection of Taxes Law
Saturday, April 13, 2013
 

 

In order to reduce the administrative costs for businesses in Cyprus, the House of Representatives voted on 15 November 2012 the Law 163(I)/2012, which makes a number of amendments to the Assessment and Collection of Taxes Law.

The amendments, which will come into force on January 1 2013, are summarised below.

·         Provisional income tax

Companies and individuals must submit their provisional income tax return for the tax year in progress and pay the first installment of provisional tax on or before July 31. Before the amendment, the due date was August 1. Provisional tax is now payable in two equal installments, no later than July 31 and December 31.

·         Employers' returns

Employers must submit their annual return of employees' pay and deductions in the preceding tax year (Form IR 7) online. The deadline for submission has been extended from April 30 to July 31.

·         Retention of records

Where returns are submitted by electronic or similar means and the director of the Inland Revenue Department dispenses with the submission of certain documents, these documents must be retained for a period of no less than six years (formerly seven years) from the end of the tax year to which they relate. The same term applies to the retention period for accounts, records and documents not forming part of the return, but which support any information included in the return.

Should you require more information regarding the above please to do not hesitate to contact us at: info@istosglobal.comor +357 22 256324.


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