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Cyprus: Tax developments in response to COVID-19

General Information

This page offers an overview of tax developments being reported globally by KPMG member firms in response to the Novel Coronavirus (COVID-19).

The content will be updated regularly. However, due to the fast-moving pace of change, it may not always reflect the most current developments in a given jurisdiction. Please refer to the date of accuracy and refer to the relevant links, under additional information, for original source information.

Date accurate as of: 31 March 2020

On 30 March 2020, the Cypriot Minister for Finance issued a decree providing relief in response to the COVID-19 pandemic. The decree provides for:

Deadline for submission of tax returns and payment of tax extended 

  • By an amendment to the Assessment and Collection of Taxes Law L.4/78, the Minister of Finance is provided with the power to issue a decree setting the deadline for the filing of tax returns. 
  • By decree issued on 30 March the Minister of Finance announces that the submission date for Income Tax Returns for Companies (T.D.4) and Self Employed with accounts (T.D.1 Acc) for the year 2018 is extended until the 1st of June 2020.
  • Further, by the same decree, the Minister of Finance has extended the deadline for the payment of tax due under the aforementioned tax returns for 2018 until the same date.

Deferral of VAT payment until 10 November 2020

  • The deferral of payment of VAT due, only applies to periods ending on 29 February 2020 (1/12/2019 - 29/2/2020), 31 March 2020 (1/1/2020 - 31/3/2020) and 30 April 2020 (1/2/2020 - 30/4/2020), provided that:
    • The relevant VAT returns will be timely submitted (10/4, 10/5 and 10/6 respectively); and
    • Taxable persons do not fall into the specific categories specified in the amending law.

Additional Information.