According to the Cyprus Income Tax Law, Cyprus companies have the obligation to submit a temporary tax assessment / estimation of their 2019 chargeable income.

The temporary tax assessment / estimation is payable in two equal instalments, before or at the following dates:

  • 31 August 2019
  • 31 December 2019

A 10% surcharge is imposed on the difference between the tax as finally determined in the relevant annual report (financial statements) and the temporary tax assessment / estimation when the temporary assessment / estimation is less than the 75% of the chargeable income.

Revised tax assessment / estimations can be submitted at the Cyprus Tax department on or before 31 December 2019. For Cyprus Companies which pay their taxes after the due dates, penalty and interest is imposed.

If in according to the company’s estimates there is no taxable income or any tax due, the Cyprus Company is not required to make a declaration.

The settlement of Cyprus companies’ provisional tax payment must be done through JCCSmart website ONLY.