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Provisional Tax Return 2023

2 minutes

We wish to notify you that all Cyprus tax resident Companies which expect to have taxable profits for the year 2023 are required to submit a provisional tax return.

According to article 24 of the Assessment and Collection of Taxes Law No.4 of 1978, as amended, the provisional tax is payable in 2 (two) equal installments:

  • the first instalment is payable on or before the 31st July 2023;
  • the second instalment is payable on or before 31st December 2023.

Interest will accrue at a rate of 2.25% per annum, as well as a penalty of 5% on the tax due if the installment is not paid on or before the deadline.

In case the provisional tax paid for 2023 is less than 75% of the final taxable profit calculated for the year, a penalty equal to 10% of the difference between the actual tax liability and the provisional tax declared is applied.

Royal Pine can assist you with the preparation and submission of the provisional tax return. In case our assistance is required please contact our team at no later than the 21st July 2023. No further action will be taken by us if we do not hear from you in this respect.


* This publication has been prepared as a general guide and for information purposes only. It does not purport to be comprehensive or to render professional advice. Before making any decision or taking any action that may affect you and/or your business, bespoke advice should be obtained.