According to the new law amendment voted by the Cyprus Parliament earlier this month (Feb 2020), tax payers in Cyprus are eligible to registered to the scheme of expired tax obligations payment in instalments.
According to the amendment, tax payers can submit for the instalments scheme until 14th of August 2020. Tax payers can pay their tax in up to 60 instalments for tax obligations referring before the year 2015.
The possibility of adjusting the overdue tax obligations is valid only for tax periods before the 31/12/2015 as below:
- The obligations that are already registered in the Tax Department until 31/12/2015 can be regulated in instalments from 14/02/2020 and for a period of 6 months (until 14/08/2020)
- Tax returns for periods until 31/12/2015 that are not yet submitted can be submitted until 30/05/2020
- The instalments regulation is cancelled automatically as soon as the tax payer fails to pay more than five installments.
- Discounts apply according to the number of instalments requested by the tax payer
- Instalments can be adjusted from 2 to 60.
- Discount on overdue charges can be applied under conditions from 50% to 95%
Please contact our tax advisors should you require additional information.