In brief
On 1 December 2021 the Cyprus Minister of Finance ("MoF") issued an Announcement saying that the late submission of certain direct tax returns will not carry any administrative penalties if these direct tax returns are submitted by the end of Monday 6 December 2021 (the "Announcement").
The Cyprus tax authorities also issued an announcement on 2 December 2021 informing the public of the MoF's Announcement.
In detail
The deadline for submission of income tax returns for the following taxpayers:
- Employees and pensioners ('TD1 Employees'),
- Self-employed individuals whose annual turnover does not exceed €70.000 ('TD1 Self-employed'),
- Self-employed individuals whose annual turnover exceeds €70.000 ('TD1 Self-employed'),
- Companies ('TD4'),
had been extended to the end of 30 November 2021 (please refer to our newsletters N-23-2021 and N-27-2021).
Following the Announcement, the above income tax returns can be submitted by the end of Monday 6 December 2021 without any administrative penalties being incurred.
The takeaway
Taxpayers who did not proceed with the relevant income tax return submissions by the end of 30 November 2021 have been given another four working days to do so without any administrative penalties.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.