According to the Cyprus Income Tax Laws, all companies that will
have taxable income for tax year 2020 should submit to the Tax
Authorities by 31 July 2020, a temporary tax return form (T.D6),
based on their estimated taxable profits for the current year and
pay the temporary tax in two equal instalments before or on the
following dates:
- 31 July 2020 – 1st instalment
- 31 December 2020 – 2nd instalment
The final tax for tax year 2020 should be settled by
1st August 2021.
All companies have the right to revise their estimated taxable
income at any time before 31 December 2020.
If the estimated taxable income is revised upwards, 1,75%
interest is payable on the difference between the revised amount
payable and the amount initially declared from the due date of
payment of the first instalment. If the estimated tax paid for
2020, through temporary tax return, is below 75% of the actual tax
liability calculated on the basis of the audited financial
statements
