Filenews 27 November 2020
The extension of the period of submission of tax returns for another 15 days, announced by decree the Minister of Finance.
As stated in the decree, taxpayers will be able to file their Tax Returns by December 15.
It is noted that the initial deadline for filing Tax Returns expired on Monday, 30/11.The Cypriots tend to leave everything till the last minute in the submission of their tax returns.
Those with a gross total income of more than €19,500 are required to submit a Tax Return. Although for some incomes over €19,500 there may be no obligation to pay tax, however if they exceed €19,500 they are obliged to file their tax returns normally.
The deadline for the timely submission of tax returns expired at midnight on Monday, November 30th.
Tax rates for 2019:
For income up to €19,500 no tax is imposed
For income from €19,501 to €28,000 a tax rate of 20% is imposed
For income from €28,001 to €36,300 a tax rate of 25% is imposed
For income from €36,301 to €60,000 a tax rate of 30% is imposed
For income from €60.001 and above, a tax rate of 35% is imposed.
It is recalled that Tax Returns are submitted only electronically through the TaxisNet system, as well as the payment of the tax due.
It is stressed that, a prerequisite for the submission of the Tax Declaration, is the electronic registration in the TaxisNet - Direct Taxation system.
