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    Cyprus – Extension for 2023 Personal Tax Return Filing and Payment Deadline

    GMS Flash Alert 2024-219 | November 7, 2024

    Our previous report1 alerted GMS Flash Alert readers to the extension to 31 October 2024, of the deadline for the submission of personal tax declarations, TD1, and payments of tax due for the 2023 tax year.

    On 30 October 2024, the Cyprus Tax Department2 announced that another extension has been granted, until 30 November 2024.

    The relevant deadline of 30 November 2024, relates to both the submission of 2023 personal tax declarations (TD1) and payments of taxes due arising from the self-assessment computation of the TD1.

    WHY THIS MATTERS

    Cyprus taxpayers with a Cyprus tax filing obligation for 2023 (both tax residents and non-tax residents), will now have an additional month to adhere to their Cyprus tax compliance obligations for the relevant tax year.  By doing so, they will be able to avoid penalties for late submission of the TD1, as well as additional charges on taxes due, which are applicable in the case of taxes not paid within the relevant deadline.

    International HR and global-mobility programme managers, as well as tax service providers, may wish to communicate this additional extension granted to those affected employees with a Cyprus filing obligation for the 2023 tax year, and make them aware of the penalties that will be imposed in case of non-compliance.

    KPMG INSIGHTS

    This additional extension granted for the TD1 filing and payment of taxes due is a positive development, as taxpayers who have not yet filed their tax declarations will now have one more month to comply with the relevant Cyprus tax filing obligations.

    It is not expected that a further extension will be granted for the 2023 tax year; therefore, affected parties should make sure that the deadline of 30 November 2024 is respected. 

    If any further clarifications are required, please contact your usual tax professional or a member of the GMS tax team with KPMG in Cyprus (see the Contacts section).  

    Footnotes:

    1  GMS Flash Alert 2024-190 (30 September 2024).

    2  See the announcement issued by the Cyprus Tax Department (in Greek): “ΠΑΡΑΤΑΣΗ ΗΜΕΡΟΜΗΝΙΑΣ ΥΠΟΒΟΛΗΣ ΤΗΣ ΔΗΛΩΣΗΣ ΕΙΣΟΔΗΜΑΤΟΣ: ΑΤΟΜΟΥ ΓΙΑ ΤΟ ΕΤΟΣ 2023.”  

    Contacts

    Costas Markides
    Costas Markides

    Board Member, GMS Country Leader

    KPMG in Cyprus

    Michael J. Halios
    Michael Halios

    Board Member

    KPMG in Cyprus

    Michalis Loizides
    Michalis Loizides

    Board Member, Head Tax Services Limassol

    KPMG in Cyprus

    More information

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    Disclaimer

    The information contained in this newsletter was submitted by the KPMG International member firm in Cyprus.

    GMS Flash Alert is a Global Mobility Services publication of the KPMG LLP Washington National Tax practice. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

    © 2024 KPMG Limited, a Cyprus limited liability company and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.