Following a recent amendment to the Assessment and Collection of Taxes Law , the Cyprus Tax Authorities (CTA) has granted an extension of the deadline until the 31st October 2018 for electronic submission of income tax return, and payment of income tax for the tax year 2017, as follows:
The deadline refers to the submission of Income Tax Return for Employee/ Self-Employed (with annual turnover less than € 70 000) for the tax year 2017; and payment of the Income tax due from the self-assessment of Employee and Self-employed (with annual turnover less than € 70 000).
Submission and payment are required to be made electronically.
The recent amendment does not include self-employed whose annual turnover exceeds €70.000 and have the obligation to prepare audited financial statements.
For those individuals, the deadline for completing and electronically submitting the ‘T.D.1. self-employed’ and ‘T.D.1. acc. supplementary declaration for self-employed with accounts’ is on 31 March 2019.
The deadline for settlement via self-assessment of income tax due, as per the 2017 T.D.1 form, is 1 August 2018.