Archive for July, 2010
In accordance with the Cyprus Tax legislation, every company must make every year a provisional tax assessment for the current tax year and pay the provisional tax in 3 equal installments – on 1st August, 30th September and 31st December.
Therefore, please inform us as soon as possible, if your expectations, whether you will have a taxable profit for the year 2010 and if so, to submit the computation of temporary tax assessment together with the 1/3 of the provisional tax on 1st August.
Failure to make a tax provision of at least 75% of the final year’s taxable profits will result in payment of an additional tax of 10% on the difference between final tax and provisional tax. Failure to pay the provisional tax on time will result in an 8% interest payable on overdue tax.
The installment payable on 1st August can be paid until 31st August 2010 without any interest charged. It is possible to revise an assessment upwards before the end of the year.
Thanking you for your kind co-operation at all times.
CCLOGIC Ltd – Cyprus Company Incorporation