Tax Alert
Tax payments – January 2024
We remind our clients of the due payment of the following taxes by 31st January 2024, without the imposition of penalties:
Income Tax
2nd instalment of temporary Tax (200) for the year 2023
Special Defence Contribution (SDC) and General Healthcare System (GHS)
(ι) Payments relating to withholding
- SDC (0614) and GHS (0714) withheld on rents paid during the 2nd semester 2023
- SDC (0602) and GHS (0702) withheld on interest in December 2023
- SDC (0603) και GHS (0703) withheld on dividends issued in December 2023
- SDC (0623) και GHS (0723) on deemed dividend distribution of the profits of the year 2021
(ιι) Payments relating to self-assessment
- SDC (0604) and GHS (0704) on rents of the 2nd semester 2023
- SDC (0612) and GHS (0712) on interest received with no withholding at source in December 2023
Overdue payment of tax will be subject to interest and monetary penalties. The annual interest is calculated on the basis of the completed months for which the payment of tax is overdue.
We note that according to Decree Κ.Δ.Π. 416/2023, as of 1.1.2024 the Single Public Default Rate is 5% (2023: 2,25%).
Payment of taxes can be made electronically via the Tax Portal at https://taxportal.mof.gov.cy/.
We also remind our clients for the due submission of the Tax Form (TD623) relating to Deemed Dividend Distribution of the profits for the year 2021, by 31st January 2024. Late submission is subject to an administrative penalty of €100.
