Navigating through the complexities of tax obligations can be a daunting task. To alleviate this burden, IBCCS TAX offers expert services regarding the declaration of withheld Special Defence Contribution (SDC) and General Healthcare System (GHS) contributions from dividend income in Cyprus. This vital service aims to ensure compliance with the stipulations of Cyprus tax law.
SDC is a tax levied on particular types of income of Cyprus tax residents, which includes dividends. As of my knowledge cut-off in September 2021, dividends are subjected to an SDC of 17%, though this can change due to policy amendments, and certain exemptions may apply.
The GHS, implemented in 2019, is a national health insurance scheme funded by contributions from a variety of income types, including dividends.
At IBCCS TAX, our proficient team is dedicated to supporting corporations and entities that have the responsibility of declaring withheld SDC and GHS contributions from dividend income.
Our comprehensive services include:
With IBCCS TAX, you can confidently ensure that SDC and GHS contributions are correctly calculated, withheld, and declared, thereby reducing the risk of penalties associated with non-compliance and freeing you from the associated administrative burden.
For reliable, efficient, and tailored tax services, trust IBCCS TAX. Contact us today to learn how we can assist you with your SDC and GHS declaration obligations.
Corporations or entities that distribute dividends are responsible for withholding the relevant SDC and GHS contributions before the payment reaches the shareholder. The withholding of these contributions at source is a vital part of the tax collection process and a legal responsibility.
The entities responsible for withholding these contributions also need to declare them to the Cyprus Tax Department. This declaration is a crucial requirement to ensure adherence to Cyprus tax law.
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