In response to the World Health Organisation (WHO) declaring the spread of COVID-19 as a pandemic, the Cyprus Government announced a number of actions in order to support the country’s economy, including the following business related measures.
On 3/2/2020 the Cyprus Tax Department issued a series of announcements in relation to Brexit and its impact on the application of the EU VAT refunds procedure, VIES, MOSS and Intrastat reporting.
On 14 February 2020, the House of Representatives has voted for an amendment to the Law which relates to the Settlement of Overdue Taxes Scheme and provides significant reliefs on interest and penalties on overdue taxes, including income tax, VAT, special defence contribution tax, capital gains tax and stamp duty, through the Government Gateway Portal "Ariadne".
This article summarises some of the planning strategies that companies should be considering before and after US tax reform is effective