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Προσωρινή Φορολογία – Temporary Tax Assessment

Προσωρινή Φορολογία – Temporary Tax Assessment 2025 Temporary Tax Assessment 2025 EN text is Following In accordance with the Assessment and Collection of Taxes Law, all companies / self-employed individuals are required to notify the Commissioner of Taxation of their estimated chargeable income, and consequently their resulting temporary tax for the year 2025. Based on the temporary tax computation, tax is payable in two equal instalments as follows: Provisional tax instalments Statutory deadline Effective deadline (no penalty / no interest) 1st instalment 31 July 2025 31 August 2025 2nd instalment 31 December 2025 31 January 2026 The abovementioned payments can only be done via the online Tax Portal of the Tax Department (https://taxportal.mof.gov.cy). Important notes: Non-payment on the due dates entails payment of interest at the rate of 5,5% per annum. Non-payment…

Submission of the Summary Information Table of Controlled Transactions and updating of the Documentation File for Controlled Transaction Prices

All taxpayers with related party transactions must electronically submit the Summary Information Table of Controlled Transactions to the tax department through the Tax For All (TFA) portal For the tax year 2022 by 28/02/2025 and For the tax year 2023 by 30/11/2025 Failure to submit the Summary Information Table of Controlled Transactions results in a fine of €500 for each person. The information included in the Summary Information Table is the VAT number, the name and tax residence jurisdiction of the counterparty, the type of the controlled transaction with the corresponding amounts. The five categories of controlled transactions are (a)          Goods (Sale and Purchase) (b)          Services (Provision and Receipt) (c)           Rights and other intangible assets (Sale/Provision and Purchase/Receipt) (d)          Financial transactions (Provision and Receipt) (e)          Others (Sale/Provision and Purchase/Receipt) Based on…