Companies that expect to have taxable income for the year 2024 must pay the first instalment of the temporary (provisional) tax by the 31st of July 2024.
The tax, calculated as 12.5% on the taxable income, is payable in two equal instalments, by the 31st of July and the 31st of December of 2024. Late filing of the return and payment of the tax will attract interest and penalties.
The aim of payment of the provisional tax is to avoid a 10% “additional tax”.
However, to achieve this, your estimated taxable income must be at least 75% of the final taxable income as it will be determined by your company’s audited financial statements.
May we further remind you that you can revise this temporary assessment before the end of each calendar year.
Cyprus companies: 2024 Temporary tax first instalment