tax alert

TAX NEWS 02/2016

TAX NEWS 02/2016

Provisional tax 2016

Income Tax Law in Cyprus provides that every company and self-employed person submits a temporary estimate of the taxable income and the resulting tax, by 31st of July of each calendar year. There is no obligation to submit zero returns.

The declared taxable income must not be less than 75% of total taxable income for the year otherwise a 10% additional tax will be imposed.

The applicable tax rate for companies is 12,5%