With a move that has taken local practitioners by surprize the Inland Revenue Department yesterday announced that it has granted an extension for the submission of the annual tax returns for 2012. The extension comes after the entire submission of annual tax returns for companies incorporated in Cyprus has been updated from a paper based system to an electronic submissions system.
The extension has been granted for a period of two months hence effectively allowing for the late submission of annual returns without the occurence of any penalties which would otherwise be imposed on Companies incorporated in Cyprus.
Accordingly the deadline for annual return submissions has been moved to the 31 of May 2012 for the annual tax returns of 2011.
Thank you for your time.