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The EBA Annual Report was published on the 15th of June 2022, highlighting the main achievements made in 2021, providing an overview of the key priorities for the coming year.

On 26/4/2021 an amendment to the Cyprus VAT Law was published in the official Gazette which exempts from VAT educational services for vehicle technicians.

On 29/4/2021 an amendment to the Cyprus VAT Law was published in the official Gazette which precludes the imposition of penalties in specific cases

The European Commission has issued a press release on 12/4/2021 according to which it has proposed to exempt from Value Added Tax (VAT) goods and services made available by the European Commission, EU bodies and agencies to Member States and citizens during times of crisis.

Following the amendments of the Cyprus VAT Law that were announced in the Government Gazette on 20/08/2020, the Tax Department will impose penalties, as from 1st July 2021, in relation to the non-application of the reverse charge mechanism.

We would like to inform you that in accordance with the Decree issued on 12 March 2021, the following electronic submission deadlines are extended to 30 September 2021

The Cyprus Tax Department has issued Implementing Regulation No.11/2021 of 17 February 2021, providing clarifications in relation to the time of supply in cases of non-monetary consideration in the construction industry.

Following the enactment of N5(1)/2021 amending the Cyprus VAT Law which was announced on 9/1/2021, the Tax Department issued a notice providing clarifications in relation to the payment of VAT in instalments.

Following the uncertainty arising from the current economic shock, prudential and securities regulators have published guidelines for the application of IFRS 9 in the context of the COVID-19 pandemic.

As per the requirements of the EU Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (4th EU Directive) and article 61A (a) of the Prevention and Suppression of Money Laundering Activities Laws of 2007-2018, each EU member state is required to maintain a central register of beneficial owners of companies and other legal entities. In particular, of each physical person owning or controlling more than 25 % of the entity.

On January 7th 2021, the Tax Department issued clarification announcements in relation to the exit of the United Kingdom (UK) from the EU.

The Tax Department has issued a notice reminding that in accordance with Regulation ΚΔΠ 268/2020 the reduction from 9% to 5% of the VAT rate which applies to the aforementioned services is effective only for the period from 1/7/2020-10/1/2021.

We would like to inform you that in accordance with an announcement issued by the Cyprus Tax Department on 15 December 2020, the following filing deadlines are extended to 31 January 2021

A new VAT law amendment (Decree N.147(I)/2020) published in the Cyprus Gazette on 2/11/20 provides for an extension of the payment for the outstanding amounts arising from the VAT returns submitted for the periods ending 29 February, 31 March and 30 April of 2020.

The deadline for electronic submission of the 2019 personal income tax return by employees and pensioners whose gross income exceeds €19.500 has been extended until 30 November 2020

Learn more about the compliance requirements and the impact of the aforementioned EU directive to your business.