News & Updates

Important Reminder | Employer’s Annual Tax Declaration (Form TD7) Submission Deadline

Fairfax would like to remind all employers that the deadline for submitting the Employer’s Annual Tax Declaration (Form TD7) for the year 2023 is on the 31st of May 2024. Ensuring timely submission is crucial to avoid any penalties.

 

Key Points to Remember

 

Submission Deadline:

• The final date to submit Form TD7 for the year 2023 is May 31, 2024.

Penalties for Non-Compliance:

• Employers who fail to submit the relevant tax declaration by the deadline will incur a penalty of €100. This fine is imposed to encourage timely compliance.

Valid Tax Identification Codes (TIC):

• The Employer’s Tax Declaration cannot be processed unless all employees listed on the form have valid Cyprus tax identification codes. Ensure that all employees’ details are up-to-date and correct to avoid delays or rejections.

 

It is essential for employers to make the appropriate preparations in advance to meet this critical deadline. Ensuring all employees have valid TICs and gathering the necessary information for Form TD7 submission will help in avoiding last-minute issues and penalties.

Fairfax is here to assist you with any questions or concerns you may have regarding the submission process. Don’t hesitate to reach out to us for further clarification or support. Compliance with tax regulations is vital for smooth business operations, and we are committed to helping you meet all necessary requirements.

For further information speak to our team of specialists regarding your outsourcing of payroll, bookkeeping and accounting needs. Call today on +357 2555 8025 or email accounts@fairfaxyeamen.com