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The Cyprus House of Representatives has approved legislation which provides the opportunity to pay overdue taxes in monthly instalments. The new law covers a broad range of taxes including:

  • Value added tax;
  • Immovable property tax;
  • Income tax;
  • Special defence contribution;
  • Capital gains tax;
  • Stamp duty; and
  • Special contribution for employees

The new law, which was passed on 27 January 2017 provides that tax can be paid in 54 monthly instalments for taxes under EUR 100,000; and 60 monthly instalments for taxes over EUR 100,000.  It also allows the Tax Commissioner the discretion to decide on discounts, interest, and penalties.