EMOLUMENTS CERTIFICATE FOR THE YEAR 2020

We would like remind employees working in Cyprus of their right to receive their Emoluments Certificate for 2020. It is the employer’s responsibility to provide his/her employees of their emoluments certificate for the previous year using the IR63 form which is published by the Tax Department every year.

In summary, after the end of every year, the employer must issue a certificate of emoluments to their employees using the form IR63 (Certificate of Emoluments) and hand the original over to the employees, who, in turn, will use it to complete their income tax returns. The IR63 can be found in the Tax Departments website and it provide important information which will be used by the employees when preparing the IR1/Income Tax form for 2020.

Information provided through the IR63 include: emoluments, deductions, taxes paid, and employer’s information.

Click to Download the 2020 IR63

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Extension of the income tax exemption of 20% or €8,550 for qualifying Cyprus tax resident

Introduction:

Article 8(21) of the Income Tax Legislation sets out that the lower of €8.550 and 20% of the remuneration from any employment exercised in Cyprus by an individual who was resident outside Cyprus the tax year before the year of commencement of employment in Cyprus is exempt from income tax. In addition, the framework was applicable for qualifying individuals commencing employment in Cyprus from 2012 until 2020 with a maximum period of five year. The exemption can be claimed starting from 1 January following the year of commencing employment.

Tax Update:

On 15 December 2020, the tax framework was amended by extending the five year exemption period for qualifying individuals commencing employment between 2012 and 2025. It should be noted that the exemption is applicable for a maximum of five years which should commence on the next year of employment.

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2nd Extension of Income Tax Form Deadline for 2019

The Tax department announced today (27/11/2020) that the deadline for submitting the electronic income declaration for 2019 for employees and self-employed (Form IR.1 employee), whose gross income exceeds €19,500, as well as the payment of the final tax due according to their income tax form (self-assessment) for 2019, is extended until 15 December 2020.

In addition, the deadline for submitting the electronic income declaration for 2019 of  self-employed persons whose turnover does not exceed the amount of € 70,000 and who has no obligation to prepare audited accounts (Form IR.1 self-employed) is also extended until 15 December 2020.

Note:

• Obligation to submit an Individual Income Tax Return have natural persons whose gross income for 2019 exceeds € 19,500
• The submission of the Income Tax Return is made ONLY electronically through the TAXISnet – Direct Taxation service at https://taxisnet.mof.gov.cy.
• Tax payments are made through internet banking, using the payment reference number at the Tax Portal. Only timely payments are made through JCCSmart.

Payroll Cost Calculator

Easy to use and accurate payroll cost calculator for employers to quickly estimate your total payroll costs including contributions to social insurances.
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Extension of Income Tax Form Deadline for 2019

The Tax department announced today (20/10/2020) that the deadline for submitting the electronic income declaration for 2019 for employees and self-employed (Form IR.1 employee), whose gross income exceeds €19,500, as well as the payment of the final tax due according to their income tax form (self-assessment) for 2019, is extended until November 30, 2020 at 23:59.

In addition, the deadline for submitting the electronic income declaration for 2019 of  self-employed persons whose turnover does not exceed the amount of € 70,000 and who has no obligation to prepare audited accounts (Form IR.1 self-employed), as well as the payment of tax due according to their tax form (self-assessment), for the year 2019, is extended until November 30, 2020 at 23:59.

Income Tax Form Deadline 

20 days remaining

The deadline for the submission of the income tax form for 2019 is the 31st October 2020. 

Tax payers are required to complete and submit their income tax form within the next 20 days in order to avoid any additional penalties and fines

How to provide your income tax data?

Providing your tax information to our accountants has never been easier. Our clients have the options of manually typing their data or uploading their documents.

Our clients can choose which option they find most easy and convenient. Both options aim to collect only the data which is required to complete the income tax forms in an easy and clear interface.

 

Typing Option:

Through the typing option, our clients are asked to provide their tax information by completing the required data fields. The forms will highlight if there are missing information.

Uploading Option:

By choosing the upload option our clients are only required to upload the supporting documentation which include the information necessary to complete the tax forms. To ensure that the uploaded documents include all required information, our client are asked to mark the information which is included on the upload documentation.

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Income Tax Calculator

Easy to use and accurate tax calculator to quickly estimate your Income Tax, Social Insurance and GESY contributions.
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Income Tax Form

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Let us prepare your Income Tax form for you efficiently, professionally and securely by combining technology and human interaction.

Visit our homepage to learn more.
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