Submission of 2023 Individual Income Tax Return via TAXISnet
We would like to inform you that the submission of the 2023 Individual Income Tax Return has commenced via TAXISnet at the following address: https://taxisnet.mof.gov.cy.
Individuals with a Gross Total Income exceeding €19,500 for the 2023 Tax Year are required to submit a return. The deadline for submission is July 31, 2024.
For more information regarding the completion and submission of the 2023 Individual
Income Tax Return, tax payments, and other informative materials, please visit the Tax
Department’s website.
Submissions of 2024 Provisional Tax declaration and Payment of first instalment of Tax
The deadline for the first provisional tax instalment, based on the
estimated net taxable profit for the 2024 tax year, is July 31, 2024.
The tax amount is to be paid in two equal instalments by the following deadlines:
- First instalment: July 31, 2024
- Second instalment: December 31, 2024
Any remaining tax liability for the year 2024 must be settled by August 1, 2025.
Extension of Deadline for Submission of Beneficial Ownership Information and Refund of Amounts Paid
The Department of Companies and Intellectual Property, following its announcement on
January 17, 2024, provides the following update:
On January 29, 2024, the amending Directive Κ.Δ.Π.34/2024 came into effect, regulating the extension of the prescribed deadline for submission/confirmation of beneficial ownership information for all Companies and Other Legal Entities until March 31, 2024.
Simultaneously, the obligation to submit additional details for companies or other legal entities whose shareholding structure involves trusts, foundations, or similar legal arrangements is also regulated, again until March 31, 2024.
As of April 1, 2024, non-compliance will result in the imposition of administrative and other sanctions, in accordance with the provisions of the Prevention and Combating of Money Laundering Law and the ΚΔΠ112/21, as amended and in force.
Following these regulations, the Department of Companies, and Intellectual Property proceeds with the recall of fees imposed and the refund of the amounts paid. Specifically, the Department of Companies, and Intellectual Property will undertake the necessary arrangements, in collaboration with JCC, for the refund of fees paid from January 1, 2024, to January 16, 2024, directly to the card used for payment, without any further action required from the applicant.
You need any assistance in the submission/confirmation of beneficial ownership information? Contact us here.
Increase of social insurance fund contribution rates effective 1st January 2024
In accordance with the Cyprus Social Insurance Law of 59(I)/2010, as amended, the contribution rates to the Social Insurance Fund will increase as follows, effective 1st January 2024:
In the case of employed persons, the contribution rates to the Social Insurance Fund by both the employer and the employee will increase from 8,3% to 8,8% on insurable earnings.
In the case of self-employed persons, the contribution rate to the Social Insurance Fund will increase from 15,6% to 16,6% on insurable earnings.Social insurance contributions applicable to employees effective 1st January 2024.
Based on an announcement issued on 29/11/2023 by the Social Insurance Services Department, the maximum amount of insurable earnings for 2024 has been revised upwards from the previous year to €1.209 per week, €5.239 per month and €62.868 per annum.
It is noted that contributions to the Social Cohesion Fund are calculated on actual earnings, not subject to the above caps. Please refer to the below summary table for the applicable contribution rates which are payable by employers and employees for 2024:
Fund Employer Employee
Social Insurance 8,8%
Redundancy 1,2%
Training and development 0,5%
Social cohesion 2,0%
Total 12,5%
Social insurance contributions applicable to self-employed persons effective 1st January 2024. The contribution rate of self-employed persons for 2024 will increase to 16,6% on insurable earnings.
Minimum insurable earnings by occupational category. The table, outlining the minimum applicable insurable earnings of self-employed individuals for the year 2024 by occupational category, as released by the Department of Social Insurance Services.
Amounts of social insurance contributions due for 2024. The table, provided by the Department of Social Insurance Services, which consolidates the amounts of contributions applicable for each quarter of 2024 based on the minimum weekly insurable earnings of self-employed individuals, as detailed in the table referenced in the preceding section.
Our team is always here to support you. If you have any questions or concerns, contact us today for a free consultation and let us provide you with the guidance you need to navigate the tax landscape confidently.
For any assistance with the taxes, please do contact us.
info@ymcconsultings.com
