Extension for Tax Return Submissions in Cyprus for 2023

Extension for Tax Return Submissions in Cyprus for 2023

In a significant update for taxpayers, the Cyprus Tax Department has announced an extension for the electronic submission of tax returns for the tax year 2023. This extension allows individuals—including employees, pensioners, and self-employed individuals who do not prepare audited financial statements—until October 31, 2024, to submit their income tax returns without incurring any penalties.

The extension was formalized through a decree by the Council of Ministers on June 21, 2024. Previously, the deadline for submitting the income tax return (T.D.1) was set for July 31, 2024. This new deadline provides taxpayers with additional time to accurately prepare their returns and ensure compliance with Cyprus tax regulations.

This extension applies to:

• Employees: Individuals earning wages or salaries.
• Pensioners: Retired individuals receiving pension income.
• Self-Employed Individuals: Those who do not need to prepare audited financial statements.

To be required to submit a tax return, an individual’s total gross income must exceed €19,500 for the year 2023.

Tax returns must be submitted electronically through the TAXISnet portal, which streamlines the submission process and makes it more accessible for taxpayers. This online system is designed to facilitate efficient handling of tax matters in Cyprus.

The extension is crucial as it allows taxpayers more time to gather necessary documentation and complete their returns accurately. Submitting a tax return late can lead to administrative fines, so this extension helps mitigate that risk.

The extension of the deadline for submitting tax returns in Cyprus is a welcome relief for many individuals as it provides them with additional time to ensure compliance without facing penalties. Taxpayers are encouraged to take advantage of this opportunity and prepare their submissions well ahead of the new deadline.

This publication has been prepared as a general guide and for information purposes only. It is not a substitution for professional advice. One must not rely on it without receiving independent advice based on the particular facts of his/her own case. No responsibility can be accepted by the authors or the publishers for any loss occasioned by acting or refraining from acting on the basis of this publication. This article is for informational purposes only. For further advice, please contact us at the contacts listed on the site.