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Cyprus Announces More VAT Payment Flexibility

by Lorys Charalambous, Tax-News.com, Cyprus

17 November 2020


Cyprus's tax agency has released a number of statements regarding further value-added tax payment concessions for companies financially impacted by the COVID-19 pandemic.

Previously, Cyprus allowed companies facing difficulties due to the COVID-19 outbreak to delay the payment of VAT that fell due on April 10, May 10, and June 10, 2020. Interest and penalties were to be waived for companies that paid the VAT due by November 10, 2020.

In a November 12 statement, the Cyprus tax agency highlighted that businesses may now instead pay in six equal instalments between November 10, 2020, and April 10, 2021.

Where a business fails to adhere to the new payment schedule, a penalty of 10 percent of the tax due is to be charged for late payment and interest will accrue.

The new arrangement was included in Law 147 (I) / 2020, which was published in Cyprus's Official Gazette on November 2, 2020.

TAGS: tax | business | value added tax (VAT) | interest | Cyprus | penalties

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