The Cyprus Tax Department has announced that its new system for electronic payment of VAT refunds by bank transfer will shortly be in operation. In preparation for the new system, taxable persons who have VAT refund requests awaiting examination or who anticipate submitting refund requests in the future should complete form T.F. 1900 2017 with details of their bank account, authorizing the Tax Department to make any refund by electronic transfer to their bank account and submit it to the Tax Department.
Once the new system is in operation, refunds will only be made if form TD 1900 2017 has been completed, signed and submitted to the Tax Department.
For further information please contact Michalis Loizou or your usual contact at Elias Neocleous & Co LLC.