NEWS

• Posted June 15, 2014

June - Cyprus Tax Alert

Provisional tax declaration for 2014

Oxilium Professional Services Ltd would like to remind you that the 2014 provisional tax returns should be completed and filed to the Cyprus Tax Authorities by 31 July 2014.

The provisional tax is payable in two equal instalments as follows:

- 31 July 2014 - Payment of the 1st instalment along with the submission of the provisional tax return - 31 December 2014 - Payment of the 2nd instalment

In case the instalments are not paid within the above deadlines, then interest is charged at the rate of 4,5% p.a. (imposed on a complete month basis) plus a fixed penalty of 5%.

Furthermore, if the provisional income declared is less than 75% of the final taxable income, then an additional 10% penalty is imposed on the difference between the final tax due and the provisional tax declared.

Oxilium Professional Services Ltd is at your disposal to assist with the preparation and submission of the provisional tax return. For more information please contact us at [email protected]