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Extension of the deadlines for paying the 2020 last tax legal responsibility and submitting the 2020 revenue tax returns – tax

Cyprus:

Extension of the deadlines for paying the 2020 final tax liability and filing the 2020 income tax return

September 02, 2021

Ernst & Young Cyprus Ltd

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Deadline for paying the final tax liability 2020 through self-assessment.

The Minister of Finance, exercising the powers conferred on him by Article 5, Paragraph 1 of the Tax Assessment and Collection Act, issued an ordinance published in the Official Gazette of the Republic on July 30, 2021 (Resolution No. 5578 – K.Δ.Π . 343/2021), which extends the deadline for paying the income tax liability of the tax year 2020 of companies and self-employed with a turnover of more than 70,000 EUR who are audited accounts.

Specifically, the aforementioned regulation provides for an extension of the payment of the income tax liability 2020 in accordance with the submitted TD4 2020 through self-assessment until September 30, 2021 (previously August 1, 2021).

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

In addition to our previous tax alert dated July 23, 2021 regarding the Finance Minister’s intention to extend the deadline for filing the 2020 personal income tax return (Form TD1), we would like to inform you that the relevant regulation is now issued and will be issued on May 30. Published July 2021 in the Official Gazette of the Republic (Decision No. 5878 – Κ.Δ.Π. 342/2021).

Specifically, the relevant ordinance states that the deadline for the electronic submission of the 2020 income tax return (Form T.D.1) for employees and pensioners whose gross annual income exceeds a total of € 19,500, as well as for self-employed (Form TD1 Revenue under 70,000 euros and without an audit obligation was extended from 09/30/2021 to 11/30/2021.

EY Cyprus is at your disposal for any information and / or clarification you may need.

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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