Extension of the deadline for settlement of Tax arrears
On 29 September 2017, the House of Representatives of Cyprus passed a law extending the deadline for submission of a claim for the payment of tax arrears from 3 October 2017 to 3 January 2018. The new law limits the time by which tax returns up to the tax year 2015 which have not been filed, may be filed. Now all such tax returns must be filed by 30 June 2018 in order to benefit from the provisions of the law.
The regulation relates to the following tax liabilities:
- All tax arrears up to and including 31 December 2015, which at the date of the application have been assessed by the Tax Department and appear as payable, irrespective of the manner in which they are repaid, whether by agreement with the Tax Department or pursuant to a court order.
- Amounts which become payable as a result of the submission of a self-assessment in respect of tax years up to 31 December 2015, where the tax returns for the relevant tax year have already been submitted by 3 July 2017, but without payment of the tax due.
- Tax liabilities which are assessed after 3 July 2017 by the Tax Commissioner for the tax years to 31 December 2015, as long as these tax returns [are filed] by 30 June 2018. In such cases, an application for regulation[?] shall be made within three months from the date on which the tax becomes payable, on the basis of the tax assessment which has been issued.
For further information please contact our Financial Controller
Andreas Avgousti
Andreas.Avgousti@aretilaw.com