With the extended deadline for submission of tax returns for 2023 now very close, we thought it appropriate to publish the following questions and answers. This information was compiled by one of the many tax advice companies in Cyprus and we hope it may be of use to our followers.
1. Do I Have to submit my 2023 Tax Form?
Yes, if your GROSS income earned during 2023 was higher than EUR 19.500. If you already have a TIC (Tax Identification Code) it’s also advised to submit (regardless of the amount of income earned during the year).
2. When is the deadline to submit my 2023 tax form?
The deadline is 31 October 2024. No further extension is expected to be granted.
3. What information / documents do I need to submit my form?
Depends on your income-type, but most people (e.g. employees – earning salary income) will need their 2023 Form 63 (provided by your employer) and any life/health insurance certificates for 2023.
4. How can I pay less tax?
For the employees (i.e. people earning salary-income): provident fund contributions, life/health insurance plans, donations to approved-charities, and claiming the 20%/50% tax-exemptions (if applicable) may significantly help pay less tax.
For people earning dividend-income/interest-income claiming the ‘non-dom regime‘ (if applicable) can eliminate any tax!
5. Can I claim any tax-exemptions?
Cyprus expats who have been living and working abroad for several years prior to relocating to Cyprus may also be entitled to claim tax-exemptions, subject to several criteria and conditions. Given the subject’s high complexity we strongly advise consulting with a tax expert!
6. Since I (via my employer’s payroll) have already paid my 2023 taxes, why do I also must submit a tax form?
Assuming you are obliged to submit (see question 1), you do so to declare your income, any tax-deductions and taxes paid during 2023. The tax office will then review your tax form, and if everything is OK a tax-assessment will be issued by them, in essence confirming your tax-year is closed/agreed.
7. What happens if do not submit my tax form?
Submitting a tax form is obligatory by law (see question 1), failure to submit on time implies a EUR 100 late-submission penalty. Other penalties/interest charges may also apply.
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