All material subject to strictly enforced copyright laws. © 2022 ITR is part of the Euromoney Institutional Investor PLC group.

Cyprus: Amendments made to VAT legislation


Maria Damianou

The Cypriot Parliament passed amendments to VAT legislation on July 11 2013. The amendments relate to reducing charges for failure to pay VAT on due dates specified by law. Specifically approved are the following:

(1) A taxable person who submits the VAT return and pays the amount of VAT due by December 10 2013 shall not be subject to the following:

  • Imposition of interest for delay in payment of VAT;

  • Imposition of 10% additional tax for failure to pay VAT;

  • Additional tax for tax amount certified by the VAT Commissioner as VAT tax due; or

  • Enforcement of any penalties if the failure to pay VAT is considered as criminal offense.

The above relate to periods ending on:

  • February 28 2013

  • March 31 2013

  • April 30 2013

  • May 31 2013

(2) A taxable person who submits the VAT return and pays the amount of VAT due by December 10 2013 will receive the following advantages:

  • The additional tax on non-timely payment of VAT is reduced from 10% to 5%; and

  • The additional tax for the tax amount certified by the VAT commissioner is reduced from 10% to 5%.

The above relate to periods ending on:

  • June 30 2013

  • July 31 2013

  • August 31 2013

  • September 30 2013

Note that the interest on late payment of VAT due for the periods set out in (2) remain valid as provided by law.

The changes adopted are intended to assist the existing situation in the financial sector in Cyprus by relieving the burden on taxpayers.

Maria Damianou (

Eurofast Taxand, Cyprus

Tel: +357 22 699 222


more across site & bottom lb ros

More from across our site

Several tax chiefs shared their administrations’ latest digital identity tracking systems and other tax technologies at the OECD’s annual meeting of authorities.
Businesses welcome the UK’s decision to scrap the IR35 reforms but are not happy about the time and money they have wasted to date.
Energy ministers agreed on regulations including a windfall tax on fossil fuel companies to address high gas prices at an extraordinary Council meeting on September 30.
The European Parliament raises concerns over unanimity in voting on pillar two, while protests break out over tax reform in Colombia.
Ramesh Khaitan speaks to reporter Siqalane Taho about tax morality, transfer pricing regulations, Indian tax developments, and the OECD’s two-pillar solution.
Join ITR and KPMG China at 10am BST on October 19 as they discuss the personal, employment, and corporate tax-related implications of employees working from overseas.
Tricentis and Boehringer Ingelheim, along with a European Commission TP specialist, criticised the complexity of pillar one rules and their scope at an ITR event.
Speakers at ITR’s Managing Tax Disputes Summit said taxpayers can still face lengthy TP audits, despite strong documentation preparation
Gig economy companies in New Zealand will need to fully account and become liable for the goods and services tax of underlying suppliers on their platforms, under new proposals.
Join ITR and Thomson Reuters at 2pm (UAE) / 11am (UK) on October 13 as they discuss how businesses can prepare for Tax Administration 3.0 and future-proof against changes such as e-invoicing and increasing digitisation.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree