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Overview
On 8 April 2022, the Cyprus Tax Department announced that the tax return for individuals (TD1) in respect of the fiscal year 2021 is now available electronically through taxisnet online system.
Obligation for submission a tax return
Based on the regulation Κ.Δ.Π. 51/2022 issued by the Council of Ministers on 4 February 2022 in respect of the Assessment and Collection of Taxes Law, an individual who earned a gross income over €19.500 within the fiscal year 2021, should prepare and submit a tax return (TD1).
Individuals include employees, retirees and self-employed whose income exceed €19.500.
It is worth noting that currently, self-employed individuals (whose annual income exceed €70.000) have an obligation to prepare audited Financial Statements and submit their tax return (TD1) in respect of the fiscal year 2021 until 31 March 2023.
Submission deadline
The deadline for submission of the tax return (TD1) for 2021 is 31 July 2022, with no imposition of interest and penalties.
How can Taxcom help you
Taxcom can assist you to apply the correct tax treatment during the preparation of your tax return as well as undertaking to prepare and submit your TD1 on your behalf.
Contact us at info@taxcom.cy
