VAT update

Penalties write off for March - July 2020

Kyriakos Fili
By:
On 29/4/2021 an amendment to the Cyprus VAT Law was published in the official Gazette which precludes the imposition of penalties in the following cases:
  1. €51 for the non-timely submission of quarterly VAT returns, with submission deadlines on 10/4/2020, 10/5/2020 and 10/6/2020
  2. €51 for the non-timely submission of monthly VAT returns, with submission deadlines on 27/4/2020, 27/5/2020, 27/6/2020 and 27/7/2020
  3. 10% penalty on the payable VAT amount concerning the above quarterly and monthly VAT periods
  4. €50 for the non-timely submission of Recapitulative Statements (VIES), for the periods ending 31/3/2020, 30/4/2020 and 31/5/2020.

Contact me for more information.