tax update - evidentrust · 2020. 7. 15. · tax update quarter 3 2020 at a glance − payment of...
TRANSCRIPT
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TAX UPDATE
QUARTER 3 2020
AT A GLANCE
− Payment of the first provisional tax by 31 July 2020
− Submission of the 2019 payroll form (IR7) by 31 July 2020
− Payment of the 2019 final corporation tax under the self-
assessment method by 1 August 2020
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Copyright © 2020 Evidentrust Financial Services Ltd. All rights reserved.
1ST TEMPORARY TAX ASSESSMENT
ANNOUNCEMENT FROM TAX DEPARTMENT
The tax department issued the below announcement reminding the tax payer of their responsibility to
pay their 1st provisional tax by 31 July 2020 as well as how the provisional tax should be paid.
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RESOURCES / CALCULATORS
Important for current quarter Income Tax - Calculator
First Temporary Tax Payment (TTP) - Calculator
Existing Incorporation - Calculator
Cyprus General Healthcare System - Resources
Social Insurance and Other Funds - Resources
Profit Extraction - Calculator
Capital Gains Tax (CGT) - Calculator and CGT - Re-
sources
Payroll Costs - Calculator
Cyprus Tax – Benefits in Kind- Resources
Benefits in Kind - Use of Car - Calculator
Second Temporary Tax Payment (TTP)- Calculator and
TTP - Resources
Deemed Dividend Distribution - Calculator and DDD
UPCOMING TAX DEADLINES
Copyright © 2020 Evidentrust Financial Services Ltd. All rights reserved.
(*)
A physical person is
obliged to submit audited
financial statements if
his/her annual income
from trade/business,
rents, dividends interest,
royalties or income relat-
ing to trading goodwill
exceeds €70.000. Such
physical person should be
paying his/her 2019 in-
come tax by 1 August
2020 and submitting his/
her electronic tax return
by 31 March 2021.
Date Description How we can assist you?
31-Jul
Electronic submission by employers of the
total 2019 payroll (Form TD7).
We can assist with the completion of your IR7
and submission to Taxisnet.
Use our Calculator to estimate your payroll
costs.
Submission of the 2020 provisional tax return
and payment of the first instalment.
We can assist you to calculate your provision
tax and the payment process.
Use our Calculator for a quick estimation and
our Resources for more details on how to cor-
rectly calculate your provisional tax.
01-
Aug
Payment of 2019 final corporation tax under
the self-assessment method (5% surcharge
will apply if not pay by 1 September)
We can assist with the payment process for
the settlement of your final corporation tax.
Payment of 2019 personal income tax under
the self assessment method by self-
employed individuals preparing audited fi-
nancial statements (*)
We can estimate your income tax and assist
with the payment process.
Use our Calculator for an approximation of
your income tax.
http://www.evidentrust.com/services/taxation-services/income-tax-calculation/http://www.evidentrust.com/services/taxation-services/provisional-tax-self-assessment/https://www.evidentrust.com/services/taxation-services/incorporation-calculator/https://www.evidentrust.com/resources/social-insurance-and-other-funds/general-healthcare-system-contributions/https://www.evidentrust.com/resources/social-insurance-and-other-funds/http://www.evidentrust.com/services/taxation-services/profit-extracting-form/http://www.evidentrust.com/resources/capital-gains-tax/capital-gains-tax-calculator/http://www.evidentrust.com/resources/capital-gains-tax/http://www.evidentrust.com/resources/capital-gains-tax/http://www.evidentrust.com/services/taxation-services/payroll-costs-calculator/https://www.evidentrust.com/resources/cyprus-tax-benefits-in-kind/https://www.evidentrust.com/services/taxation-services/benefit-in-kind-calculator-car-use/http://www.evidentrust.com/services/taxation-services/second-provisional-tax-self-assessments-form/http://www.evidentrust.com/resources/cyprus-provisional-tax-self-assessments/https://www.evidentrust.com/resources/deemed-dividend-distribution/deemed-dividend-distribution-calculator/https://www.evidentrust.com/resources/deemed-dividend-distribution/https://www.evidentrust.com/services/taxation-services/income-tax-calculator-2019/https://www.evidentrust.com/services/taxation-services/provisional-tax-self-assessment/https://www.evidentrust.com/resources/cyprus-provisional-tax-self-assessments/https://www.evidentrust.com/services/taxation-services/income-tax-calculation/
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Copyright © 2020 Evidentrust Financial Services Ltd. All rights reserved.
Contact Details
T: +357 25327770
A: 232 Archiepiskopou Leontiou A’
Romantzo Court, Ground floor
Office 2, 3020 Limassol, Cyprus
W: www.evidentrust.com
P: P.O. Box 56851, 3310
Limassol, Cyprus
mailto:[email protected]://www.evidentrust.com