The Cyprus Tax Department has issued a reminder that 3 July 2018 is the final date for submitting applications for payment of overdue taxes by monthly instalments under the Process of Adjustment of Tax Arrears Law of 2017. The instalment scheme covers arrears of taxes which were payable on or before 31 December 2015. It provides a waiver of interest and penalties of up to 95% for all nationally imposed taxes, including:
- income tax;
- value added tax;
- special defence contribution tax;
- capital gains tax;
- stamp duty; and
- special contributions payable by employees, pensioners and self-employed persons.
The deadline for submitting applications to participate in the scheme was originally set at 3 October 2017 but was subsequently extended, first to 3 January 2018 and again to 3 July 2018. Applicants must submit any outstanding tax returns for tax years up to and including 2015 no later than 30 June 2018. They must also have submitted all requisite tax returns and be up to date with payment of taxes due after 31 December 2015.
For further information on this matter please contact Elena Christodoulou or your usual contact at Elias Neocleous & Co LLC.