Only a month remains before the end of tax returns from the population. However, not everyone is in a hurry to report their income.
According to Cyprus Tax Commissioner Sotiris Markidis, 174,600 taxpayers have started to fill in the document on the portal. At the same time, 155,300 people have filed their tax return, while another 19,300 have saved it for further editing.
In this regard, Markidis reminded that the deadline for accepting documents expires on 31 October 2024. Then the agency will take penalties to violators.
Recall that filing tax returns in Cyprus is obliged to all persons whose income (before tax deduction) exceeds the amount of 19.5 thousand euros. In addition, the declaration must be filled out by individuals with income above 19.5 thousand euros received from rental property, royalties, pensions, dividends, interest and securities. It should be noted that if a tax resident of Cyprus whose income exceeds 19,5 thousand Euros per year does not file a tax return on time, he/she will be fined 100 Euros plus 5% of the taxes he/she owes for the year.
I urge everyone to file their tax returns on time to avoid unpleasant consequences in the form of fines and court proceedings - emphasised Markidis.
You can only report your income electronically.
To do this, you must first register at the tax department of your place of residence (personal presence is required), where the responsible officer will issue a Tax Identification Code (TIC) of eight digits and one Latin letter (for example, 9999999999X).
The applicant will receive a Unique Registration Number of 17 digits. Then you need to create an account on the TaxisNet portal and fill in the declaration. Instructions on how to register on the TaxisNet portal in English (in PDF format).
If you have any questions about filling in a tax return or paying taxes, you can contact a special telephone number 22308000 and get explanations. An enquiry can also be sent by e-mail to taxisnet@mof.gov.cy.