Cyprus VAT payment in six equal monthly instalments
By: P. Constantinou & Co Ltd
The Cyprus Parliament passed on the 30th of October 2020 a law, following suggestions also provided by the Institute of Certified Public Accountants of Cyprus (ICPAC), which allows the payment of VAT that had been suspended due to the coronavirus restrictive measures, to be made in six equal monthly installments over a period of six months. The amendment concerns VAT liabilities for the tax periods ending on 29th February, 31st March, and 30th April 2020, for which the obligation to pay VAT was suspended until 10 November 2020. The installments will be paid without imposing an additional charge of 10%. If your company requires any further assistance regarding any VAT or Tax related issue in Cyprus please don't hesitate to contact us directly.
P. Constantinou & Co Ltd is an audit firm based in Limassol, Cyprus, offering a full range of professional services for all types of businesses and moreover delivers personal service and advice.