Cypriot taxpayers will be pleased to hear that the settlement of overdue taxes – by providing a relief on penalties and interest – incurred up to the year 2015 has now been extended until August 2020. The House of Representative voted for this amendment earlier this month, basically providing an extension of the 2017 relevant legislation.
Taxpayers can therefore enjoy significant discounts of such charges depending on the number of instalments in which they have agreed to pay their overdue taxes. For one-off payment a discount of 95% will be granted.
Taxes Covered
- Income tax
- Special contribution for defence
- Value added tax
- Immovable property tax
- Capital gains tax
- Inheritance tax
- Special contribution taxes
- Stamp duty tax
To take advantage of this amendment in the Law, taxpayers must submit their tax returns (for fiscal years up to the year 2015) by 30 June 2020.
Interested to apply for a refund?
Taxpayers who have already paid their tax liabilities for the tax years leading up to 2015, can also benefit by claiming their refund on any interest and penalties paid.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
