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Professional Tax – new tax for Cyprus companies

At the end of 2019 Cyprus municipalities introduced a new tax for Cyprus companies called Professional Tax.

The amount of this tax per year will be EUR 150, for companies in the group – EUR 80, for dormant companies – EUR 50. According to general rule the municipality sends a notification for EUR 150, so the last two types of companies need to send proof in the form of financial statements to the municipality.

Also, according to general rule the tax must be paid by December 31 of the year in which the notification of its payment was received.

For now, the tax applies only to companies registered in the municipality of Limassol and Nicosia, but perhaps later it will be extended to all the cities of Cyprus.