In a recent announcement, the Cyprus Tax Department has outlined a series of changes regarding the submission of Withholding Taxes & Imports Declaration (TF7) for the year 2024 and subsequent years through the computerized TAX FOR ALL system. This adjustment marks a shift from the previous practice using the TAXIS net system.
This transformation involves a seamless transition across various facets of the submission process.
Submission Platform
Declarations of Withholding Taxes and Contributions (TF7) will exclusively be processed through the TFA system, replacing the earlier TAXIS net system.
Frequency of Statements
Starting in 2025, only annual statements will be required, streamlining the submission process. However, for the subsequent years, a monthly submission of statements will become mandatory.
Tax ID Requirement
To maintain accuracy and completeness in the submitted financial information, employers are now obligated to include a valid tax identification number for all submissions of the TF7 declaration.
Payment Process
While the submission process undergoes this transition, the payment of withheld Tax and Contributions for the year 2024 will persist through the Tax portal, adhering to the timeframes specified in the tax certification and collection Legislation.
This development indicates a positive stride towards efficiency and user-friendliness with the implementation of the new TFA system. The shift promises a more effective and accessible avenue for submissions, aligning with contemporary technological advancements in tax management. As the Cyprus Tax Department embraces these changes, it emphasizes the importance of adaptability for a smoother and more streamlined taxation process for businesses and individuals alike.
Eurofast’s Cyprus professionals stay updated on the latest changes from the Cyprus Tax Department. Well-versed in the recent adjustments to the Withholding Taxes & Imports Declaration process via the TAX FOR ALL system, our experts are ready to efficiently assist clients in promptly adapting to and navigating these changes. From interpreting new requirements to optimizing compliance strategies, we ensure a swift and effective response to any adjustments. Should you need assistance, reach out to us at nicosia@eurofast.eu.
Andreas Theodosiou
Payroll Specialist
Eurofast Nicosia
nicosia@eurofast.eu