Dear Clients and Associates, All companies that are Cyprus tax residents and individuals having income other than employment income, that estimate to have taxable income for the tax year 2022 should calculate and pay the respective temporary tax liability based on their estimated taxable income.
Please note that, from 2019 and onwards, individuals having income other than employment income needs also to submit a provisional tax declaration in order to pay the National Health Contributions relating to such income. The temporary tax liability is payable in two equal instalments on or before the following dates:
31 July 2022 – 1st Installment
31 December 2022 – 2nd Installment
through the following electronic platforms:
1. JCC Smart – https://www.jccsmart.com
2. Online banking, using the Payment Reference Number previously created through the Tax Portal of the Tax Department.
If the estimated temporary tax paid for 2022, is less than 75% of the tax as finally determined in the audited financial statements, then a 10% additional tax is imposed to the tax liability. Revised tax estimations can be submitted at the Taxation Department on or before 31st December 2022. If the estimated taxable income is revised upwards, 1,75% interest is payable on the difference between the revised amount payable and the amount declared from the due date of payment of the 1st instalment. Even though the first instalment deadline is on 31st July 2022 payments made through JCCsmart website up to 31st August 2022 will not carry any penalties/interests. For further information, clarifications or assistance regarding the calculation and submission of temporary tax declaration as well as the settlement of temporary tax, please contact CSC Christodoulou Taxation Department.