Automatic matching of VAT payments

The Cyprus Tax Department has announced that, following the latest improvements of the TAXISnet system for electronic submission of VAT returns, there is no longer any need for taxpayers to input details of VAT payments or to submit a copy of the payment receipt to the Tax Department.

Payments of VAT made through Internet banking or at bank branches will now automatically be credited to the individual taxpayer’s record.

This does not apply to VIES and INTRASTAT payments, details of which still have to be submitted to the Tax Department.