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Indirect Tax Update Overdue Debts

Indirect Tax Update Overdue Debts

On 3 July 2020, the Cyprus House of Representatives, considering the effects created by the Covid19 pandemic, passed a bill in relation to overdue debts to the Tax Department.

The bill passed by the Assembly provides as follows:

a) The final date for submission of the application for settlement of overdue debts relating to the years up to 31/12/15 is transferred from 14/08/20 to 14/01/21.

b) The submission of returns for examination by the Tax Department is transferred from 30/06/20 to 30/11/20.

c) For purposes of cancellation of the plan, the non-payment of the agreed installments for the period 01/03/20 to 30/06/20, will not be taken into consideration.

Στις 3 Ιουλίου 2020 η κυπριακή Βουλή των Aντιπροσώπων, λαμβάνοντας υπόψη τις επιπτώσεις που δημιούργησε η πανδημία του Covid19,  προχώρησε στην ψήφιση πρότασης νόμου σε σχέση με τις ληξιπρόθεσμες οφειλές προς το Τμήμα Φορολογίας.

Η πρόταση νόμου η οποία ψηφίσθηκε από την ολομέλεια προβλέπει τα εξής:

α) Η τελική ημερομηνία υποβολής αίτησης για ρύθμιση ληξιπρόθεσμων οφειλών που αφορούν τα έτη μέχρι 31/12/15 μεταφέρεται από 14/08/20 στις 14/01/21.

β) Η υποβολή δηλώσεων προς εξέταση από το Τμήμα Φορολογίας μεταφέρεται από 30/06/20 στις 30/11/20.

γ) Για σκοπούς ακύρωσης της ρύθμισης, η μη καταβολή των συμφωνηθέντων δόσεων για την περίοδο 01/03/20 μέχρι 30/06/20, δε θα λαμβάνεται υπόψη.

How can KPMG assist?

Should you like to further discuss the content and potential impact of the Circular to your business, please contact one of our trusted advisors from the Indirect Tax Department at KPMG Cyprus.

KPMG’s Indirect Tax team provides advice and assistance at the Cyprus and international level. We structure our effort to dovetail with your business issues and strategy. Our focus is on supplying value adding and pragmatic advice rather than just a list of recommendations.

Our tax professionals are able to review your company’s current tax position and provide relevant advice and planning on a range of indirect taxes, including VAT, customs duties and excise taxes (such as tax audits, reorganizations and acquisitions, etc.). Furthermore, we can help your company with its administrative obligations and contacts with administrative bodies.