The statutory deadline for the payment of any residual (i.e. after taking in to account any tax which was paid provisionally) income tax due for the year 2019 for companies and self-employed individuals preparing audited financial statements is on 1 August 2020.
Failure to settle any tax payable by the above mentioned date will trigger the accumulation of interest based on the rate announced by the Ministry of Finance of the Republic of Cyprus, which currently stands at 1.75% per annum. In addition, in case the tax due is not paid by 31 August 2020 a 5% penalty will be imposed on the outstanding amount. An additional 5% penalty may be imposed if there is an outstanding liability two months after the deadline date. Interest will be imposed also on penalties for as long as they remain outstanding.
