We wish to remind you that the deadline for payment of the second instalment of the 2022 provisional tax is the 31st December 2022.
As per our tax alert issued on the 6th of July 2022, all Cyprus tax resident Companies which expect to have taxable profits for the year 2022 are required to submit a provisional tax return for the year by the 31st July and pay the corresponding tax in two instalments, on 31st July and 31st December.
Interest will accrue at a rate of 1.75% 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 2022 is less than 75% of the final taxable profits calculated on the basis of the audited financial statements for the year, a penalty equal to 10% of the difference between the actual tax liability and the provisional tax declared is payable.
Taxpayers have the opportunity to revise the provisional tax return, if deemed necessary, by submitting a revised provisional tax return before the 31st December.
Royal Pine can assist you with the preparation and submission of the revised provisional tax return, as well as with the administration of the provisional tax payment. In case our assistance is required please contact our team at firstname.lastname@example.org no later than the 19th December 2022. 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.