Residents of Cyprus have been given an extra two weeks to submit their 2024 tax returns. The new deadline has been extended to October 15, 2024, according to Senior Tax Officer Irina Ioannou. The decision was made by Tax Commissioner Sotiris Markides after consultations with the Minister of Finance.
Compliance and Statistics
According to the Tax Department, around 90% of citizens required to file a return have already met their obligations. However, the authorities remind taxpayers that if a return is submitted late and it turns out that tax is payable, a fine of €100 will be imposed, along with interest charges.
What Taxpayers Need to Know
The extension does not mean exemption from responsibility. The state expects citizens to submit their data on time, since tax discipline directly affects the formation of the national budget, funding for healthcare, education, and other social sectors. With rising government expenditures related to infrastructure projects and economic support, tax collection has become particularly important.
Online Filing and Digitalization
In recent years, Cyprus has actively introduced electronic services to simplify tax reporting. Through the TaxisNet portal, citizens can not only fill out and submit their return online but also pay their taxes with just a few clicks. This format has significantly reduced queues and bureaucratic workload, while digitalization has become part of the government’s strategy to modernize the tax system.
Outlook and Recommendations
Experts advise not to postpone filing until the last days to avoid technical issues or additional questions from the tax authorities. Looking ahead, the Cyprus Tax Department is considering the introduction of automated data verification, which will speed up processing and improve system transparency.