With just one month remaining before the deadline for tax returns, many Cyprus residents are still delaying the process of reporting their income.
According to Tax Commissioner Sotiris Markidis, a total of 174,600 taxpayers have started filling out their tax returns via the government portal. However, only 155,300 have officially submitted their returns, while 19,300 have saved their forms for further revision.
Markidis issued a reminder that the deadline for submission is October 31, 2024. After this date, late filers will face penalties.
It’s important to note that all individuals in Cyprus with income exceeding €19,500 before tax deductions are required to file tax returns. This includes income from rental properties, royalties, pensions, dividends, interest, and securities. Those who fail to meet the deadline will face a fine of €100 plus 5% of the total tax owed for the year.
Markidis stressed the importance of submitting tax returns on time to avoid penalties or potential court actions.
Filing Your Tax Return Electronically
In Cyprus, tax returns must be filed electronically through the TaxisNet portal. To do so, residents must first visit their local tax office to register in person and obtain a Tax Identification Code (TIC), which consists of eight digits and a letter (e.g., 999999999X). Once registered, the taxpayer will be given a Unique Registration Number of 17 digits, enabling them to create an account on TaxisNet and complete their tax return online.
For assistance, residents can call 22308000 or email taxisnet@mof.gov.cy for guidance on completing their return.
Source: stockwatch.com.cy, dom.com.cy