The Cyprus Tax Department has announced an important change regarding the submission of the IR7/TD7 form, which affects all employers reporting payroll information.
IR7/TD7 Submission for 2024
For the 2024 tax year, the IR7/TD7 form will continue to be submitted annually, following the existing process. Employers must ensure that they file the form on time to comply with tax regulations.
New Monthly Submission Requirement from January 2025
As of January 2025, a new mandate will require businesses to submit the IR7/TD7 form on a monthly basis, in addition to the annual submission. Employers will need to file the form by the end of the month following the payroll period.
This means that for payroll processed in January 2025, the IR7/TD7 must be submitted by the end of February 2025, and so on.
Key Implications for Businesses
- Increased Reporting Frequency – Employers must adjust their payroll processes to meet the new monthly deadlines.
- Compliance Requirement – Failure to submit on time may result in penalties from the Cyprus Tax Department.
- Additional Administrative Work – Businesses may need to update their payroll systems or seek external assistance to ensure timely compliance.
Next Steps for Employers
- Review Payroll Processes – Ensure your payroll system is ready for monthly reporting.
- Consult a Tax Advisor – Get professional guidance on how to comply with the new requirements.
- Stay Updated – Follow updates from the Cyprus Tax Department to avoid last-minute surprises.
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