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.