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TEMPORARY TAX FOR THE YEAR 2018

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This is a kind reminder that you have to pay by 31 December 2018 the second instalment of temporary tax for the year 2018.

A company or individual preparing audited financial statements may submit a revised Temporary Tax Return either upwards or downwards in addition to the initial return which should be submitted by 31 July 2018.

Ιf the estimated taxable profit declared is less than 75% of the taxable profit as finally determined by the Financial Statements and the tax computation for the year, then the company or individual must pay, in addition to the capital amount, an amount equal to 10% of the difference between the final and the temporary tax.
If the temporary tax is not paid on time there will be an extra charge for interest at the current tax rate which now is 3,5% per annum on every completed month of delay.

Any additional tax payable after the preparation of the financial statements and the final tax computation for the year, it must be paid by 1st August 2019.

If a company or individual had not submitted a Temporary Tax Return by 31 July 2018, it may submit one by 31 December 2018 and pay the total amount of tax due plus the relevant interest on the overdue first installment by 31 December 2018.

We would be happy to assist you in preparing your Temporary Tax Return.

As we informed you in July the temporary tax must be paid only through the electronic portal of JCC Smart. If you do not have a JCC Smart account, we can do the payment on your behalf. In such a case please let us know on time.

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Should you need any further information or explanations please do not hesitate to contact us.