Cyprus Tax RegimeCyprus imposes corporation tax on 'companies': this term includes all companies incorporated or registered under any Cyprus law, and any foreign company which carries on business or has an office or place of business (permanent establishment) in Cyprus.
As from 2003, Cyprus applies a residence-based taxation regime. "Resident in the Republic", when applied to a company, means a company whose management and control is exercised in the Republic; and "non-resident or resident outside the Republic" will be construed accordingly.
A Company is considered to be tax resident in Cyprus if its management and control is exercised in Cyprus. In order to achieve tax residency, several factors are taken into consideration by the Tax Authorities such as the make-up of the Board of Directors, the place where major decisions are taken and major contracts are signed. Tax residency is required in order for a company to be taxed under the Cyprus tax laws and also for taking advantage of all European directives as well as the Double Tax Treaty (DTT) network that Cyprus has secured for tax resident persons.
Corporate tax for resident companies is imposed at the rate of 12,5% for each year of assessment upon the taxable income derived from sources both within and outside Cyprus. However, in arriving at the taxable income, deductions on such income and exemptions must be taken into account; all relevant expenses for the production of that income are deductible expenses whereas dividends, capital gains or profits from the sale of shares and other securities are also tax exempt.
Tax treatment of foreign dividend income received by Cyprus tax resident companies
The amendments voted by the Cyprus Parliament in 2009, abolished the minimum 1% holding requirement for the exemption of foreign dividends from taxation in Cyprus when received by a Cyprus tax resident company. This makes it easier for portfolio investors to benefit from the dividend participation exemption.
Therefore, the new requirement is that the dividend from abroad tax exemption (i.e. no tax) will not apply only when:
a) more than 50% of the foreign paying company’s activities result directly or indirectly in investment income, and
b) the foreign tax is significantly lower than the tax burden in Cyprus, i.e. less than 6,25% (from 2013 onwards).
"Permanent establishment" has the same meaning as defined in the OECD Model Tax Convention on Income and on Capital with the exemption of "a building site or construction or installation project", which constitutes a permanent establishment only if it lasts more than three (3) months.
Allowable Deductable expenditure needs to be incurred 'wholly and exclusively' for the business; however, mixed private/company expenses can often be apportioned. Among others, the following expenses are allowable:
- Repairs, but not improvements, alterations or additions
- Contributions to an approved fund
- Bad debts and provisions for them
- Non-capital scientific research expenditure
- Expenditure on patents or patent rights
- Various types of charitable expenditure
- Interest on loans, other than for those used to acquire shares
- Rental payments
- Salaries and other compensation costs for employees and directors
- Inventories valuations under the FIFO method (First In First Out)
- Wear and tear allowances on prescribed scales which replace depreciation in the tax calculation
- Investment allowances which are available for certain activities.
The following expenses cannot be deducted from the income in the computation of taxable income:
- Incorporation expenses for the formation of a company
- Annual levy paid to the Registrar of Companies (€350)
- Expenses relating to share capital
- Private motor saloon car expenses and interest on loans for the acquisition of private motor saloon cars
- Professional tax to Local Authorities
- Business entertaining expenses over the amount of €17.086 or 1% of turnover, whichever is lower
- Expenses not supported by invoices or other supporting documentation
- Wages and salaries on which employer’s contributions have not been paid to the relevant funds (including provident funds), in the year they are due will not be tax deductible in the relevant tax year. If the contributions are paid within two years from the end of the relevant tax year, then they are tax deductible in that year.
Taxable Losses carried forward
Previously, any trading losses that have arisen in the Cyprus Company could be set off against its profits and any excess could be carried forward, indefinitely.
However, according to the relevant Amendment with the Law 188(I)/2012, article 13(1), the taxable loss of a specific year can be carried forward only to the next five years.
The restriction of five years means that for the taxation of year 2012 (year the law becomes effective), the taxable losses which can be claimed from the taxable income of year 2012 should be the losses relating to years 2007 to 2011 (five years).
Circular – ‘TITLES’
Circular 2009/06 (amending Circular 2008/13) was issued by the Income Tax Authorities listing the financial instruments that fall within the definition of ‘titles’. The full list is as follows:
- Ordinary shares
- Founder’s shares
- Preference shares
- Options on titles
- Short positions on titles
- Futures / Forwards on titles
- Swaps on titles
- Depositary receipts on titles (ADRs and GDRs)
- Rights of claims on bonds and debentures (rights on interest of these instruments are not included)
- Index participations only if they represent titles
- Repurchase agreements or repos on titles
- Participations in companies; Russian OOO and ZAO, US LLC provided they are not transparent entities for the purposes of taxation on their income, Romanian SA and SRL and Bulgarian AD and OOD
- Units in open-end or closed-end collective investment schemes that have been incorporated, registered and operate in accordance with the provisions of the relevant legislation of the incorporated country.
- Examples of such units are:
- Investment trusts, investments funds, mutual funds, unit trusts, real estate investments trusts
- International collective investment schemes – ICIS
- Undertakings for collective investment in transferable securities or UCITS
- Other similar financial institutions.
The circular applies for tax years 2003 and onwards.
Therefore, profits from the sale of the above titles are not taxed in Cyprus.
One crucial point to mention is that promissory notes and bills of exchange are NOT titles according to the Income Tax Law. Therefore, any profit from the sale of promissory notes is taxed at 10%/12,50% depending on the year it relates to (12,5% from 2013 onwards).
Group relief provisions
The Group Relief rules, now enacted, provide for group relief of tax losses among companies of the same group. A company will be considered as member of a group if:
- A company is at least a 75% subsidiary of the other, or
- Both companies are at least 75% subsidiaries of a third company.
- A company will be considered to be a 75% subsidiary of another company if and so long as not less than 75% of its ordinary share capital with voting rights are owned directly or indirectly by that other company, and that other company is entitled to not less than 75 per cent of: Any profits available for distribution to the equity shareholders, and
- Any assets of the subsidiary company which would be available for distribution to its equity holders on a winding up.
Group tax losses may be set off as long as both companies are Cypriot tax residents and are members of the same group during the whole year of assessment. Only the loss of any year of assessment of a company can be set off against the other company's profits of the corresponding year of assessment. Losses brought forward will not be available for Group Relief. Any payment for acquiring the tax losses will not be taken into account in the tax computation nor will it be considered to be a dividend or an allowable expense. Profits from the sale of shares, bonds, debentures and other titles of companies established anywhere in the world are exempt from tax.Proposed amendment to be soon discussed in relation to group relief provision
In an effort to align the Cypriot Tax Laws with related European Court of Justice’s decision, the Law is amended so that group loss relief is extended to include qualifying group subsidiary companies that are also tax residents in any EU member state. However, this will only apply provided the group subsidiary company has exhausted all the means available for using the available tax loss in its respective country of residence or in the country where its immediate holding company resides.
Cyprus Withholding Tax
Payment of dividends, interest and capital distributions made by a Cypriot company to non-resident shareholders are free from any withholding taxes
For every year, the Company should submit Provisional Tax Assessment on 31 July of the specific year, and pay the tax relating to the year by two instalments.
Provisional tax instalments made by companies and self-employed individuals are two (from three that previously applied) and these instalments are due on 31 July and 31 December each year.
Then, when the Tax Form for the specific year is prepared, in case the profit per the Assessment is more than 75% of the actual profit per the Tax Form, then the penalty of 10% on the tax payable is not levied.
However, the Company can submit a Revised Provisional Tax Assessment until 31st December of the specific year, in order to change the profit estimate and pay the total tax and thus, avoid the 10% penalty.
Transfers of assets and liabilities between companies in the context of reorganisations can be effected without any tax consequences.
Tax losses can be carried forward by the receiving entity.
Special contribution for defence
As per Article 3 of the Special Contribution for the Defence of the Republic Law No. 117(I)/2002, Cyprus tax resident individuals are liable to Special Defence Contribution (“SDC”) on income derived from dividends distributed by Companies which are tax resident in the Republic or elsewhere, passive interest income and passive rental income. SDC is generally not applicable to non-Cyprus residents.
Under the deemed distribution provisions, a Cyprus company should distribute as dividends at least 70% of its accounting profits (after tax) within two years from the end of the year in which the relevant profits were generated. If the above dividend distribution provisions are not satisfied, then the Cyprus Company will be considered to have declared such dividends, and SDC is applicable.
Tax resident Companies are not subject to SDC on dividends distributed by other resident Companies. However, SDC may be imposed in the case where dividends were indirectly distributed between Cypriot companies after the lapse of 4 years from the end of the year in which the relevant profits had arisen. It should be noted that in the case where the ultimate shareholder in the structure is a non-Cypriot tax resident person, no SDC will apply on the dividends declared in the structure.
Capital Gains Tax
Capital gains tax is levied at a fixed rate of 20% on both individuals and companies on gains arising from the sale of immovable property situated in Cyprus and sale of shares in a company, not listed on a recognized Stock Exchange, which owns immovable property in Cyprus.
Cyprus IP Rights Box Regime
As part of the amendments in the Cyprus Income Tax Laws towards the end of May 2012, and as part of the government’s programme to stimulate the economy, a series of incentives and exemptions relating to income from IP rights, commonly known as an IP rights box have been introduced. However, the amendments are effective from January 1 2012.
Application & Qualifying IP Rights
The amendments apply to all expenditure for the acquisition or development of intangible assets incurred by a person (e.g. Cyprus Company) carrying on a business, including all categories of intellectual property.
Examples of qualifying IP rights include, amongst others: patents, trademarks / service marks, designs / models, internet domain names, software copyrights, secret formulae, know how, work in progress R&D, client lists, rights related to scientific, literary or artistic work, rights related to industrial or commercial work.
The law states specifically that rights included and which can benefit from the amendments include the rights set out in the Patent Law of 1998 as amended, the Intellectual Property Rights Law of 1976 as amended and the Trademarks Law Cap. 268 as amended.
(1) Five-year amortisation period
The cost of acquisition or development of an IP right acquired by a Cyprus company may be capitalised and amortised on a straight line basis over five years.
(2) Exemption of profits from exploitation of IP rightsFour-fifths (80%) of the profit earned from the use of intangible assets (including any compensation for infringement) is disregarded for tax purposes (80% exemption).
(3) Exemption of gains on disposal of IP rights
Four-fifths (80%) of any gain resulting from the disposal of relevant intangible assets is disregarded for tax purposes (80% exemption).
(4) Low effective tax rate
The amount subject to tax under the new rules is calculated after deducting the amortisation of the assets, interest costs of financing the acquisition or development of the assets and any other direct expenses, and dividing the resultant amount by five.
By applying the Cyprus corporate income tax rate of 12,5% (among the lowest in the European Union) produces an effective tax rate of 2,5% of net income.
However, since the deductions available against gross income are generous, the effective rate should generally be well below 2,5%.
(5) Simplification of structures
The other important benefit is that the new regime enables the IP asset to be owned and licensed by a Cyprus resident company and obviates the previous need to have a company in a low tax or no tax jurisdiction – such as the British Virgin Islands – as the owner, with the Cyprus company as an intermediary licensing company.
This will enhance legal and jurisdictional protection and eliminate unnecessary cost and bureaucracy.
Amendments to the Tax Laws – 2015
On 9 July 2015, the Cypriot House of Representatives voted on tax reforms and amendments to the tax laws. A summary of these are included below:
1. Introduction of a Notional Interest deduction (NID) regime on equity
Companies (including permanent establishments of foreign companies) will be entitled to a NID on equity.
Companies that attract or introduce new equity/capital would be able to claim a NID of up to 80% of their taxable income, reducing their overall effective tax rate to as low as 2,5%.
The NID would be calculated as follows: NID = qualifying equity x reference rate. Qualifying equity will include share capital and share premium issued (provided it is fully paid) on or after 1st January 2015. New equity does not include amounts that have been capitalised as equity and which are the result of a revaluation of movable or immovable property.Reference interest rate means the interest rate on the 10-year government bond rate (as at the end of the year preceding the relevant tax year) of the country in which the qualifying equity is invested in, increased by 3%, subject to a minimum rate equal to the 10-year Cyprus Government bond rate increased by 3%.
The notional interest would be deductible according to the same rules as actual interest expense, i.e. the degree of tax deductibility would depend on the way the new equity/capital will be utilised. In the event of losses, the NID will not be available. Consequently, this means that the NID cannot create or increase a tax loss. Taxpayers can elect not to claim the NID or claim part of it for each year.
The law includes a number of anti-abuse provisions. Where the capital originates directly or indirectly from loans obtained by another Cyprus company that has itself received a tax deduction for interest expense, then the NID will be reduced by that same amount. Similarly, where new capital originates either directly or indirectly from new capital introduced to another Cyprus company, only one company will be entitled to the NID.
The NID provides a significant tax incentive for existing companies to re-capitalise their operations. Furthermore, it aims to attract new companies to set up their operations in Cyprus and benefit from this tax incentive.
The NID regime is effective as of 1st January 2015.
2. Introduction of “domicile” concept / Non-dom rules for individuals
The Special Contribution for the Defence of the Republic Law (SDC) imposes tax on certain categories of income (interest, rents, dividends) received by persons who are considered to be residents for tax purposes of Cyprus, subject to any available exemptions. The SDC Law also includes provisions for the deemed distribution of profits of Cypriot tax resident companies to the extent that the shareholders of such companies are Cypriot tax residents.
With the introduction of the concept “domicile in the Republic” in the SDC Law, non-domiciled individuals will be exempt from Special Defence Contribution on their dividend, interest and rental income, even if they spend more than 183 days in Cyprus (Cyprus tax residents). Therefore, non-domiciled (or “non-dom”) Cyprus tax resident individuals will be exempt from both income tax and SDC on dividend income and interest income. This amendment aims to attract high net worth individuals to reside in Cyprus.
The law includes anti-abuse provisions as per which the tax authorities have the right to disregard the transfer of property made by a person who is domiciled in Cyprus to a relative up to a third degree of kindred who is not domiciled in Cyprus in case such transfer was made with the aim to avoid the imposition of SDC as a result of the introduction of “non-domicile” rules. The non-domicile rules are expected to further encourage the relocation of corporate executives and encourage high-net-worth individuals to take up residency in Cyprus.
The non-domicile rules are effective as of the date of publication in the Official Gazette of the Republic (17th July 2015).
3. Capital Gains Tax exemption on property acquired up to 31 December 2016
The Capital Gains Tax (CGT) Law has been amended as follows: any property acquired during the period between the date the new Law comes into effect (17th July 2015) and 31 December 2016, will be exempted from capital gains tax from a subsequent disposal, provided that:
- The property consists of buildings
- It is acquired from an independent third party
- It is not acquired through an exchange of property or through donation/gift.
In addition, the amendment of the Law does not include any property that will be acquired as a result of sale of property in settlement of a debt.
4. Land Transfer Fees
The transfer fees are reduced to 50% for any purchase of property effected between the amendment date of the Law and 31 December 2016.
Cyprus Tax Law Amended to Allow for Exchange of Information under Tax Treaties
Cyprus amended its domestic tax legislation to incorporate the exchange of information provisions in Article 26 of the OECD Model Tax Treaty and as found in Cyprus tax treaties. These changes should allow Cyprus to bolster its reputation and respectability particularly with respect to being a jurisdiction that fulfils its information sharing obligations and cooperates with other jurisdictions in tackling tax evasion.
The amended legislation allows for the waiver of other legislative secrecy provisions, including that of bank and professional secrecy laws which include provisions for the maintenance of client confidentiality and data protection. However, the right to legal professional privilege is maintained and any information that provided during communications between a professional legal advisor and his/her client may not be disclosed to third parties.
The disclosure of information in the capacity of trustee or nominee of a non resident person is not covered by this exception. Subject to legal privilege , lawyers as well as accountants will have a duty to disclose when required to do so for the purposes of exchange of information. Please note that the exchange of this information will be in very rare circumstances and it may involve only very substantial investments. The time and effort required makes it worthless to go through the whole process for anything less than very substantial investments. The time and effort required is too much as evidenced by the key provisions below before information can be exchanged.
The key provisions of the new rules include the following:
December 2015 Amendments
The second set of amendments in the provisions of the Cyprus tax legislation aim towards further improving the competitiveness of the tax system of Cyprus.
The second set of draft Bills submitted to the Cyprus Parliament were voted into law on 16 December 2015 and is in addition to the amendments already voted into law in July 2015.
These changes relate to the income tax legislation and the capital gains tax legislation and are summarised below.
A. Corporate Income Tax Law
1. Related party transactions - Introduction of deemed expense
As from 1st January 2015 onwards, if an adjustment in the income of one party has been made in accordance with the arm’s length provisions of Section 33 of the Cyprus income tax legislation, then a corresponding deduction/expense should be given to the other party of the transaction. Thus, if for example a deemed interest income is imposed on an interest free loan provided by one Cyprus company to another, then a corresponding deemed interest expense should be given to the Cyprus company receiving the respective loan.
2. Foreign exchange differences
Foreign exchange differences, both gains and losses irrespective of whether they are realised or unrealised, will be completely tax neutralised (i.e. not taxable/deductible) as of January 1, 2015 onwards. The only exception relates to companies trading in foreign currencies and related products, whereby such companies may elect not to be taxed on unrealised gains/losses but only be taxed when such foreign exchange differences realise.
The new provisions will apply as of 1st January 2015.
This is a significant development since it simplifies the tax treatment of FX differences. A Company (not dealing in FX trading) would be in a position to estimate its taxable profit more accurately, without any influence from FX fluctuations.
3. Anti-avoidance provisions for dividend income
Under the current provisions, dividends are exempt from income tax but may be subject to taxation under special contribution for defence tax.
However, as from 1st January 2016 onwards, and in order to comply with the requirements of the EU Parent-Subsidiary Directive (PSD), dividends will only be exempt from income tax to the extent these are not tax deductible by the paying company.
More specifically, if the dividends received by a Cypriot company from a foreign tax resident company are not considered as dividends by the latter but instead are treated as tax deductible expenses (i.e. ‘hybrid instruments’), then the dividends will be taxable under the Cyprus Income Tax Law as normal business income and will be exempt from Special Contribution for Defence.
In addition, the provisions of the EU Parent-Subsidiary Directive have been amended so that it does not apply in cases that there is an artificial arrangement having as a main purpose to obtain a tax advantage. The Cyprus income tax law has been amended to incorporate this change in its provisions.
4. IP Losses
Under the IP regime, only 20% of the net profit from the exploitation/disposal of qualifying intangibles is taxable. The net profit is calculated after deducting from the license income/gains from disposal, all direct expenses related to the production of this income.
Given that only 20% of IP related profits are taxable under the current IP regime, losses allowed will be limited to 20% of the “eligible” losses of a Company (or a PE).
These losses will be eligible to be surrendered (via group relief) and/or carried forward to subsequent year(s).
The new provision will be deemed to apply as of 1st January 2012.
It is also clarified that the notional deduction afforded in accordance with the newly introduced rules on Notional Interest Deduction (NID), which corresponds to qualifying IPs will be treated as a direct expense in the determination of the taxable profit from the IP.
5. Group Relief
Previously group loss relief was available only for losses incurred by Cyprus tax resident companies. In order to align the loss relief provisions with the decision of the European Court of Justice (ECJ) in the Marks & Spencer case, the law has been amended so that a subsidiary company which is tax resident in another EU member state can surrender its taxable losses to another group member company tax resident in Cyprus, provided the subsidiary has exhausted all means of surrendering or carrying forward the losses in its member state of residence or to any intermediate holding company.
The amount of taxable losses must be calculated on the basis of the Cyprus tax laws.
In order to determine whether two companies are members of a group the law has also been amended to allow the interposition of holding companies established in another EU member state, in a state with which Cyprus has concluded a double tax treaty or in a state which has signed the OECD multilateral convention for exchange of information.
The introduction of these amendments aligns the Cyprus tax laws with recent ECJ decisions and enhance even further the group relief provisions of the ITL.
The new provisions will apply as of 1st January 2015.
6. Anti-avoidance provisions for reorganisations
Corporate reorganisations are exempt from all forms of tax in Cyprus.
The Income Tax Law has now been amended by adding a new article 29A, allowing the Tax Authorities to withhold the exemption if they have sufficient reason to conclude that the reorganisation is not based on valid commercial or financial considerations and that the main purpose or one of the main purposes of the reorganisation is the reduction, avoidance or deferment of payment of taxes. Any such decision is open to objection and appeal in accordance with the provisions of articles 20 and 20A of the Assessment and Collection of Taxes Law.
The Tax Authorities will also have the right to impose conditions in relation to:
- the number of shares which can be issued as part of any reorganisation; and
- the minimum period for which such shares should be held, which cannot exceed three years.
These restrictions do not apply in the case of publicly listed companies and transfers of shares on death.
The new provisions will apply as of 1st January 2016.
B. Capital Gains Tax Law
1. Capital Gains Tax (CGT) on disposal of shares in multi-tiered structures
Prior to the amendment, CGT was levied on capital gains derived from the disposal of immovable property situated in Cyprus as well as from the disposal of (unlisted) shares of companies which own immovable property in Cyprus.
The amending law broadened the definition of “property” in such a way that CGT is also now imposed on the sale of shares which directly or indirectly participate in other companies which hold immovable property in Cyprus, provided that at least 50% of the market value (MV) of the shares sold is derived from immovable property situated in Cyprus.
In calculating whether the value of the immovable property represents at least 50% of the MV of the shares, any liabilities should be ignored.
- The Cyprus tax authorities may not provide information if there is no mutual reciprocity between Cyprus and the other contracting state with respect to the information being exchanged.
Thus, the requesting state must have similar provisions and/or administrative practices for the exchange of information requested from the Cyprus tax authorities.
- The Cyprus tax authorities may exercise their powers to collect the information requested only after obtaining the written consent of the Attorney-General of Cyprus.
- The Cyprus tax authorities may request information in connection with any person, including a company or partnership that has been dissolved or removed from the register.
- The Cyprus tax authorities may request any books, records and other documents, data or information that is found under the possession, control, disposal or jurisdiction of any person.
- The requesting state must provide information to the Cyprus tax authorities, including:
- The identity of the person under examination;
- A description of the information requested and the nature and manner in which the requesting state wishes to receive the information from the Cyprus tax authorities;
- The tax purpose for requesting the information;
- The reason for the belief that the requested information is held by the Cyprus tax authorities or found in the possession or under the control of a person within the jurisdiction of Cyprus;
- The name and address of any person who may hold the requested information to the extent the information is made available;
- A declaration that the provision of the information is in accordance with the legislation and administrative practices of the requesting state and, where the requested information is found within the jurisdiction of the state in question, the relevant authorities may obtain the information according to its laws and according to the terms of its ordinary administrative practices; and
- A declaration that the requesting state has exhausted all means at its disposal within its jurisdiction to obtain the requested information, except where resorting to such means would have imposed an excessive burden.
Value Added Tax
Value Added Tax (VAT) is imposed on the supply of all goods and services in Cyprus, on the acquisition of goods from other Member States and on the importation of goods from third countries.
Taxable person is every person, natural or legal, resident in the Republic or abroad, who carries on a business and has registered as such in the VAT Register or he is liable to be registered according to the provisions of the VAT Legislation.
The term “business” has a very broad sense and means any economic activity carried out in an independent way regardless of the purpose or results of such activity. The term “business” includes any trade, profession or vocation.
VAT is charged on every taxable supply of goods or services that is on every supply of goods or services made within the Republic, by a taxable person in the course or furtherance of any business carried on by him.
As a general rule, a supply of goods or services is considered to be taxable if made for consideration.
Nevertheless, the Law provides that specific supplies are considered to be taxable even if made for no consideration.
The supply of any services is treated as made in the Republic if the person supplying them is in the Republic.
Immovable Property Tax
Under the Cyprus Immovable Property Tax Law, all property owners, regardless of whether they are resident in Cyprus or not, they are liable to pay an annual tax based on the total value of all the immovable property registered in their name.
Tax Diary - By the end of each month
- The employer should pay the PAYE (tax) deducted from employees’ salaries for the previous month
- Payment of Defence tax deducted from dividends, interest or rent paid in the previous month
31 January 2015
- Submission and payment of special contribution for defence on deemed dividend distribution for the tax year 2012
31 March 2015
- Electronic submission of 2013 income tax returns for individuals and companies preparing audited financial statements
30 April 2015
- Submission of personal tax returns for year 2014 by salaried individuals (31 July for electronic submission)
30 June 2015
- Submission of personal tax return for year 2014 by individuals who do not prepare audited financial statements (30 September for electronic submission)
- Payment of tax balance for 2014 via self-assessment by individuals who do not prepare audited financial statements
- Payment of special contribution for defence in relation to rents for the first half of 2015.
- Electronic submission of employers’ return for 2014
- Submission by companies of provisional tax assessment for 2015 and payment of the first instalment
- Electronic submission of personal tax returns for year 2014 by salaried individuals
- Payment of immovable property tax for 2015 (discount of 10% is given if paid by the 31st of August)
- Electronic submission of personal tax return for year 2014 by individuals who do not prepare audited financial statements
- Payment of the second and final instalment of 2015 provisional tax. Revised temporary tax assessment can be submitted at any time until 31 December 2015
- Payment of special contribution for defence in relation to rents for the second half of 2015
- Payment of special contribution for defence on interest income that was not deducted at source