Insights

We would like to inform you that the Tax Department announced the extension of the deadline for the submission of the Tax Return for Individuals for the year 2022 until the 2nd of October 2023.

In accordance with Article 24 of the Assessment and Collection of Taxes Law, all companies must notify the Commissioner of Taxation of their estimated taxable income for the year by 31 July 2023, and consequently pay the estimated tax in two equal instalments as follows.

We would like to inform you that on 16 June 2023, an amendment to the Cyprus VAT Law was published in the Cyprus Government Gazette concerning the new legislative framework for 5% Value Added Tax (VAT) rate on the acquisition and/or construction of a primary residence in Cyprus.