TAX PORTAL FOR 2025 RETURNS OPEN - UNTIL 31 OCTOBER - LATE SUBMISSION WILL INCUR A FINE OF €150 - Filenews 19/6 by Eleftheria Paizanou
The tax deductions from income tax and the increase in the tax-free allowance, which were approved in the context of the tax reform, may be fully implemented with the tax returns we will submit next year (tax year 2026), however, the aspect of the increase in fines will be implemented from this year.
Specifically, yesterday the Tax Department posted on its page the personal income statement for the tax year 2025, with taxpayers having a total of 135 days to comply, i.e. until October 31. Despite the changes made to the tax reform, this year we will follow the same procedure as in previous years. That is, tax returns will be submitted through the existing TAXISnet system.
More sanctions
Initially, these were planned to be submitted through the new Tax For All system, however the changes made to it due to the new tax regime that is in place from the 1st of the year, were chosen, as for the 2025 returns, to be submitted through the well-known TAXISnet process.
It is noted that due to the changes made to the Tax For All due to the tax reform, for this reason the submission of the tax return for 2025 is delayed. However, those who submit the tax returns and pay the required tax by the deadline of October 31, according to a decree of the Council of Ministers, this will be without the imposition of any interest and financial charges. However, the late submission of the Person's income statement for 2025 will bring a financial burden of €150. Both this increase and increases in other financial penalties occurred in the context of the tax reform. Previously, the fine was €100.
Exactly the same process as before
Based on the decree of the Council of Ministers, employees, pensioners and self-employed persons whose gross income for last year exceeds the amount of €19,500 are obliged to submit a personal income declaration for the tax year 2025. The Tax Department, in an announcement, states that useful information material has been posted on the Department's page www.mof.gov.cy/tax for completing and submitting the Return, under the icon "TAXISnet – Individual's Income Statement 2025".
Data for 2024 and 2023
For the tax year 2024, according to data from the Tax Department, from April 30, when the submission of tax returns began until the deadline of October 15, around 338,000 taxpayers had definitively submitted their tax returns. It is worth noting that compared to the tax year 2023, the number of taxpayers who had submitted tax returns was increased by 6.3%. The deadline for submitting an individual's income statement for 2023 was November 30, 2024 on which 317,216 thousand were submitted. tax returns.
From next year the new data
In 2027 and specifically with the 2026 tax returns, all the provisions of the tax reform will be included, i.e., tax deductions, change of tax scales and the uncredited. As is known, the discounts granted in relation to the composition of the family as well as the annual income of the family, while the tax-free amount rose to €22 thousand. Tax returns have already started to be felt in the monthly earnings of employees they receive from the 1st of the year. It is estimated that the submission of tax returns for 2026 will begin in April 2027 and will be completed on July 31. Taxpayers aged 25 to 71 will be obliged to a tax return, even if no tax is due for payment.
