Personal Taxes

Extension of the deadline for submitting revenue tax returns and paying the tax due

Cyprus:

Extension of the deadline for filing income tax returns and paying the liability due

August 04, 2021

Ernst & Young Cyprus Ltd

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The Ministry of Finance issued a notice through the Tax Department on July 23, 2021 informing taxpayers that the 2020 income tax return (Form TD1) for employees and retirees, as well as for self-employed (Form TD1 self-employed) with sales of less than EUR 70,000 and without the obligation to submit audited financial statements is available for submission via the Taxisnet system.

The relevant notice mentions that the Minister of Finance intends to issue a decree regarding the extension of the 2020 electronic filing of income tax returns, as well as the payment of the related income tax due.

In particular, the aforementioned decree is intended to extend the electronic filing of the 2020 income tax return (TD1 form) for employees and pensioners whose total gross annual income exceeds € 19,500 from September 30, 2021 to November 30, 2021. The corresponding extension is expected to also apply to the payment of the applicable income tax due in accordance with the submitted TD1 through self-assessment.

In addition, the above extension will probably apply to the electronic submission of the 2020 income tax return for self-employed (TD1 self-employed form) with a turnover of less than EUR 70,000 and without the obligation to submit audited annual financial statements as well as to the payment of the income tax due in accordance with the submitted declaration through self-assessment .

The content of this article is intended to provide general guidance on the subject. Expert advice should be sought regarding your specific circumstances.

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