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According the Cyprus Income Tax Laws, all companies that will have taxable income for tax year 2023 should submit to the Tax Authorities by 31 July 2023, a temporary tax return form (T.D6), based on their estimated taxable profits for the current year and pay the temporary tax in two equal instalments before or on the following dates:

  • 31 July 2023 – 1st instalment
  • 31 December 2023 – 2nd instalment

The final tax for tax year 2023 should be settled by 1st August 2024.

All companies have the right to revise their estimated taxable income at any time before 31 December 2023.

If the estimated taxable income is revised upwards, 2,25% interest is payable on the difference between the revised amount payable and the amount initially declared from the due date of payment of the first instalment plus a fixed penalty of 5%.

If the estimated tax paid for 2023, through temporary tax return, is below 75% of the actual tax liability calculated on the basis of the audited financial statements for the year, then there will be a surcharge (penalty) of 10% on the underestimated tax payable.

If you believe that the company/ies may have taxable profits for 2023, please contact us as soon as possible to discuss what return should be filed.

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