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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.
Contents
For VAT returns relating to periods ending on 31/12/2020 and 31/01/2021, the payable tax may be discharged in three equal instalments on 10/4/2021, 10/5/2021 and 10/6/2021. This concession is available for taxable persons whose activity code is not specified in a schedule contained in the Tax Department notice.
More specifically:
- for the period ending on 31/12/2020 which is due for submission and payment by 10/2/2021, the first instalment is due on 10/4/2021, the second instalment on 10/5/2021 and the third on 10/6/2021
- for the period ending 31/1/2021 which is due for submission and payment by 10/3/2021, the first instalment is due on 10/4/2021, the second instalment on 10/5/2021 and the third on 10/6/2021.
The VAT return for each period must be submitted normally by the respective due date and the total payable VAT must be declared notwithstanding the implementation of the aforementioned option for delayed payment arrangements.
If a taxable person does not wish to benefit from the concession for all or part of the VAT liability which relates to the VAT periods within the scope of the above arrangements, they may discharge any amount until 10/4/2021 without the imposition of additional tax or interest. Any residual amount remaining at this date may be discharged in three equal instalments, with the procedure specified above.
Each instalment or other payment may be made via internet banking using the payment reference number available in the portal.
It is noted that if the concession is not implemented in accordance with the above provisions, additional tax 10% and interest will apply.
A copy of the Tax Department notice and the schedule of taxable persons excluded from the above concession may be found here, in Greek.
Comments
VAT returns are due on the 10th of the 2nd month following the end of the reporting period. Even though payment can be deferred in accordance with the above rules, it is important to note that the VAT returns are duly submitted, and the payment deadlines are strictly adhered to, to avoid imposition of additional tax, penalty and interest.
Authors
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Kyriakos Fili Kyriakos is the VAT Partner of Grant Thornton in Cyprus. He is a member of the Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Certified Public Accountants of Cyprus (ICPAC).View Profile