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Personal Income Tax Return for the Year 2023 in Cyprus

Personal Income Tax Return for the Year 2023 in Cyprus

Personal Income Tax Return for the Year 2023 in Cyprus

The Tax Department of Cyprus has announced that the individual’s Personal Income Tax Return (Form T.D.1) for the tax year 2023 is now available for electronic submission. This announcement applies to employees, pensioners, and self-employed individuals with a gross annual income exceeding EUR 19,500.

It’s important to note that the filing deadline for these tax forms, as well as the deadline for settling any taxes due via self-assessment for the tax year 2023, is 31st July 2024. Additionally, there is a reminder that the deadline for settling specific taxes through self-assessment is 30th June 2024.

The specified taxes include Special Contribution for Defence on rents received by Cypriot domiciled and tax resident individuals and companies during the first six months of 2024. There are also special contributions on dividends and passive interest received from abroad during this time frame by Cypriot domiciled and tax resident individuals. Furthermore, there are National Health Contributions on certain income received within Cyprus or outside of it by Cyprus tax resident individuals.

Failure to make payments before these deadlines will result in interest at the public rate being applied as well as penalties.

In order to avoid any additional costs or penalties associated with late payments, it is imperative that taxpayers submit their Personal Income Tax Return (Form T.D.1) in a timely manner and settle any applicable taxes before the specified deadlines.

Taxpayers who are unsure about their obligations or require assistance with completing their returns can seek advice from qualified professionals such as accountants or taxation advisors who can provide guidance on how to accurately complete their returns and meet their obligations within the stipulated timelines.

Overall, it’s essential for taxpayers in Cyprus to stay informed about important announcements from the Tax Department regarding filing deadlines and payment due dates in order to ensure compliance with all relevant regulations while also avoiding unnecessary costs associated with late payments.

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 contactslisted on the site. 

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