Penalties and interest relief on overdue taxes

On 7 February 2020 the Cyprus government passed a new Law providing significant reliefs (from 50% up to 95%) on interest and penalties on overdue taxes including income tax, VAT, special defence contribution tax, capital gains tax and stamp duty, depending on the number of instalments chosen for settlement of the overdue taxes.


Under this new Law taxpayers (individuals and companies) will be eligible to apply provided that the Income Tax Declarations, up to and including the tax year 2015 are filed by 30 June 2020 and the taxpayer is compliant with subsequent tax obligations (including VAT) at the time the application is made.


The new Law also provides that if a taxpayer has paid off its tax liabilities for tax years up to 2015 without benefiting from the relevant relief, a written request could be submitted to the Commissioner of Taxation claiming a refund on those amounts.

Latest news

Extension to the filing date of tax returns

The following deadlines have been extended by the Cyprus government for the filing of tax returns by companies and individuals: The last date for the filing of an individual's tax return (IR1) for the year 2020 and settlement of any tax due will be 30 September 2021 without the imp...…

Published: Saturday 24 April, 2021

Extension for filing of corporate tax returns

On 12 March 2021 the Tax Department issued an announcement in relation to the extension of the deadlines for the submission of the 2019 corporate income tax return and the 2019 income tax return filed by individuals preparing audited Financial Statements. The above deadlines are extended to 30 Se...…

Published: Saturday 27 March, 2021

Interest and dividends – declarations through Taxisnet

There are new declarations on Taxisnet through which Special Defence Contributions and GESY should be recorded on the payment of interest and dividends. The printed forms 61AT and 61AM are now also available in electronic form and can be submitted through the Taxisnet as follows: …

Published: Wednesday 27 January, 2021