PROVISIONAL TAX (YEAR 2015)
We would like to inform you that the Corporation tax in Cyprus is paid provisionally during the year of assessment based on the budgeted taxable profit.
Please note that this is payable in 2 equal installments on 31/07 and on 31/12. The tax rate is 12.5%. Failure to do so automatically leads to a penalty of 10% on the tax payable. Furthermore, if the budgeted profit is less than 75% of the taxable profit then the penalty is again 10% on the difference of budgeted and taxable.
Please inform us if you wish to pay the provisional tax for the company for the year 2015. If yes, in order to avoid future penalties, please notify us (at email@example.com) as soon as possible since payment of the tax needs to reach us at least 5 working days before the 31/07/2015. Failure to pay the next installment, leads to additional interest.