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Fairfax Cyprus Tax Diary September 2014

Payment of immovable property tax for 2014

Submission of 2013 personal income tax return of individuals not required to prepare audited financial statements. Their income should derive from a trade/business, income from rents, dividends, interest, income from royalties or income relating to trading goodwill and payment of tax via a self- assessment method.

31 December

Payment of provisional tax-second and last instalment for 2014
Payment of special contribution for defence for the last six months of 2014 on rents and on dividends or interest from sources outside Cyprus.


Interest and Penalties
Income tax

The official interest rate, as set by the Finance Minister is 4.75% per annum for all amount due after 1 January  2013. For previous years the following rates apply:

5% for years 2011 and 2012
5.35% for the year 2010
8% for the years 2007-2009 and
9% up to 31 December 2006.

In addition to the interest charge, penalties are also charged depending on the circumstances

Social Insurance

Late payment of Social Insurance results in the imposition of a penalty of 3% for each month of delay. The maximum penalty that can be impose is 27% of the amount due.

PAYE and Defence tax

Failure to pay PAYE and Defence tax by the due date:

Interest will be added at the rate of 4.75% per annum from the due date and an additional penalty of 1% per month ( based on complete months)

Total amount of the additional penalty cannot exceed 11% of the tax due ( interest is calculated on complete months)

For the outsourcing of your accounting and payroll needs please contact Nicoletta Demetriou, Director Accounts & Payroll on +357 25558025 or email: