NEWS

• Posted July 06, 2016

Provisional tax for 2016

Oxilium Professional Services Ltd would like to remind you that the 2016 provisional tax returns should be completed and filed to the Cyprus Tax Department by 31 July 2016. The filing and the payment of the first income tax instalment, if applicable, can be made by 31st August 2016 without any interest and penalties.

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

• 31 July 2016 - Payment of the 1st instalment along with the submission of the provisional tax return.
• 31 December 2016 - Payment of the 2nd instalment.

Failure of settlement of provisional tax liabilities by the specified deadlines attract the following interest and penalties:

i Interest on overdue tax at the rate of 4%per annum (imposed on a complete month basis)

ii. Penalty of 5% on late payment.

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 you may contact us at info@oxilium.com.cy.