On 09/06/2023, an amendment (L40(1)/2023) to the Special Contribution for the Defence (‘SDC’or the “Law”) Law of 2002 was published in the Official Gazettte of the Republic.
In accordance with the amendments made in the Law, any person who pays rent (i.e., tenants) should pay in 2 instalments, the SDC withheld during the first and second semester of the year, respectively.
The first instalment is payable by 30th of June in respect of the rents during the six months to 30 June and the second instalment by 31st of December in respect of the rents during the six months to 31 December, of each year.
Interest for non-compliance
An interest rate of 2.25% is imposed, in cases where the SDC is not withheld or withheld and not paid within the month following June 30 and December 31 of each year, regarding the rents paid during the first and second semester of the year, respectively.
Penalties for non-compliance
As per the existing SDC law, a penalty of 5% is already imposed on the due tax, in cases where the due tax is not paid on time.
For any further clarifications you may require, please do not hesitate to contact
Gabriel Ioannou Andri Andreou
+357 22050530 +357 22050626