On the 27th of March 2020, Cyprus enacted the following VAT related measures in an attempt to support business liquidity as part of the national fiscal package of measures to counter coronavirus effect to the companies.
The newly enacted measures refer to amendments to articles 45 and 46A of the Cyprus VAT Law 95(I)/2000 as amended, which refer to Infringements and Tax offenses respectively.
More specifically, the following apply:
It is clarified that the late submission of the aforementioned VAT Returns will entail the imposition of the relevant penalty
2.The late payment of VAT will not constitute a tax offence according to the Law, if the VAT payable is paid by 10 November 2020.
It should be noted that the application of both aforementioned amendments does not apply to certain categories of businesses as follows:
Finally, it is imperative to mention that the newly enacted law does not make any reference to the previously announced conditions for benefiting for the deferral of the VAT payment based on turnover limits, neither to VAT rate reductions which mainly aim at boosting consumption which during the pandemic period is not a main concern.
We are a Law Firm with offices in Cyprus and Malta and a representative office in Shanghai China comprising of more than 70 lawyers, accountants and other professionals who advise, international and local clients.
The Firm has been offering legal and consulting services since 1983 evolving from a traditional law firm to an innovative cutting-edge multidisciplinary law firm combining exceptional expertise in law, tax, vat and accounting.
From its establishment the Firm’s focus has been heavily business oriented and always abreast with the latest global developments and innovations. Drawing from our pool of experienced professionals we provide our clients’ businesses full legal and accounting support on an everyday basis as well as customized solutions in today’s global financial and legal challenges.
We consider ourselves as ‘traditional pioneers’ and our motto is to foresee and anticipate any issues that may potentially impact our clients’ business and to offer effective advice and solutions proactively.
Civil Partnership, Law Firm
Kinanis Fiduciaries Limited
Suite 20, The Penthouse, 4th Floor, Ewropa Business Centre,
Dun Karm Street, Birkirkara, BKR 9034, Malta
Tel: + 356 27 54 00 24, Fax: + 356 27 54 00 25
E-mail: email@example.com – Website: www.kinanis.com
Kinanis (China) Limited