2022: New support plans for businesses in Cyprus

2022: New support plans for businesses in Cyprus

By: P. Constantinou & Co Ltd

New support measures were announced on Wednesday 26/1/2022 by the Minister of Finance, with a budget of around three million euros.

The measures concern a plan for one-time subsidy support for certain categories of companies and self-employed workers, and the Suspension of the imposition of additional tax and interest for the tax period ending on 31/12/2021 (for certain business categories).

For the one-time subsidy support plan, the beneficiaries fall into the following categories:

  • nightclubs and discos
  • movie theatres
  • art agencies
  • businesses that organize conferences/trade fairs
  • private theatres and live performance shows
  • bands and musicians
  • singers, dancers, and other performers
  • entertainment venues
  • event planning (for baptisms, weddings, etc.)

Conditions

Businesses and self-employed must have their registered office or permanent residence in Cyprus, to have been affected by the latest restrictive measures and to have submitted their tax returns for 2019.

SupportPayment

The subsidy will be paid automatically, without completing or submitting any forms, taking into account the sales (turnover) of previous periods, which is the same way the subsidies were calculated by the Ministry of Finance for the entire duration of the pandemic.

Tax Suspension

The Minister also announced the suspension of the imposition of additional tax and interest for the tax period ending on 31/12/2021.

Beneficiaries will be companies belonging to the following categories:

  • Restaurants and taverns
  • Catering companies
  • traditional coffee shops, bars, and cafeterias
  • nightclubs/discos


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