Payment of temporary tax for the tax year 2019 and final tax for the tax year 2018 – Courtesy of EY

As per the Assessment and Collection of Taxes Law, every company or individual (who derives income other than from emoluments) must pay before 31 July 2019 an estimate of the taxable profit for (corporate) income tax purposes and the resulting tax liability for the year 2019.

Even though according to the law, the due date for payment of the first instalment is 31 July 2019, as long as the 1st instalment is paid before 31 August 2019, there should neither be a monetary charge nor any interest for late payment of tax.

For further information, click here tax-newsletter-cyprus-english-june-2019v4

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