Provisional (Temporary) Tax
Two equal instalments of estimated tax on the current year's profit, paid by companies and self-employed persons.
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Who this applies to
- Cypriot companies
- Self-employed persons
- Businesses with an estimate of current-year profit
What to file
An estimate of taxable profit for the current year and payment of half the tax on each date.
How to file
Through the Tax Department channels. The estimate can be revised up or down until 31 December.
Payment due
Two equal instalments, on 31 July and 31 December.
Penalties for missing this deadline
If the estimate proves to be less than 75% of the final taxable income, a 10% surcharge applies to the shortfall in tax under Article 24 of the Assessment and Collection of Taxes Law.
Filing checklist
- Estimate current-year taxable profit
- Calculate the tax at the rate for the year
- Pay half by 31 July
- Review the estimate before 31 December
- Pay the second half by 31 December
Documents you'll need
- Year-to-date management accounts
- Profit forecast
- Prior year computation
- Payment receipts
Common mistakes to avoid
- Underestimating profit and breaching the 75% test
- Forgetting the estimate can be revised until 31 December
- Paying the two instalments unequally
- Confusing provisional tax with the final payment on 1 August
Never miss a Cyprus deadline
AccountsOS tracks every Tax Department (Τμήμα Φορολογίας), Ministry of Finance and Department of Registrar of Companies and Intellectual Property (DRCIP) deadline and reminds you weeks ahead.
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