Cyprus: Domestic Corporate Taxation
Filing Requirements and Payment of Tax
Company tax returns must be filed in respect of each fiscal (calendar) year by 31st December in the year following the fiscal year, together with balance sheet and profit and loss account, auditor's report, income tax and Defence Tax computation and additional information report.
Self-assessment operates, and corporation tax payments have to be made on 1st August, 30th September and 31st December of the year of assessment. Fines apply to late or materially faulty self-assessments.
As from April 1, 2011, all tax returns submitted by companies and self-employed individuals with an annual turnover of more than EUR70,000 must be accompanied by a Tax Confirmation that is prepared and signed by an independent tax advisor or auditor. This requirement follows the issue by the Commissioner of Income Taxes of Circular 2011/1 on February 15, 2011. In addition, all tax returns submitted by companies and self-employed individuals with a turnover exceeding EUR70,000 for the 2010 and subsequent tax years must submit their tax returns electronically.