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Cyprus

30 April 2020

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Cyprus Changes VAT Period for Certain Taxpayers

Cyprus has introduced temporary changes in the VAT period and return and payment deadlines for certain taxpayers. The changes were first announced by the tax department on 16 April and clarified on 21 April, which include that a 27 April 2020 deadline applies for the quarterly period 1 January to 31 March 2020 and three monthly periods and deadlines are required as follows:

  • For the period 1 April to 30 April 2020, the deadline is 27 May 2020
  • For the period 1 May to 31 May 2020, the deadline is 27 June 2020; and
  • For the period 1 June to 30 June 2020, the deadline is 27 July 2020.

The requirement to follow the new periods and deadlines applies for the following taxpayers based on their economic activity code, which must pay the full amount of VAT due for each period:

  • 35111 (Production of electricity);
  • 36001 (Collection and distribution of water (for water supply);
  • 47111 (Groceries and supermarkets, mainly of food products);
  • 47112 (Kiosks and minimarkets);
  • 47211 (Retail sale of fruit and vegetables – fruit markets);
  • 47221 (Retail sale of meat and meat products, including poultry);
  • 47241 (Retail sale of bread and of other bakery products);
  • 47242 (Retail sale of confections);
  • 47301 (Retail sale of fuel);
  • 47411 (Retail sale of computers, peripheral equipment and software, including videogames);
  • 47621 (Retail sale of newspapers and stationery);
  • 47731 (Pharmacies);
  • 61101 (Cyprus Telecommunications Authority);
  • 61201 (Internet services);
  • 61301 (Satellite telecommunication services);
  • 61901 (other telecommunication services excluding CYTA).

The requirement to follow the new periods also applies for other taxpayers, but only 30% of the amount VAT due must be paid. This includes 30% of the amount due for the current period plus 30% of the balance due for the previous period(s). After the payment due on 27 July 2020, the balance of the remaining VAT due must be paid by 10 November 2020. Although not specified in the tax department announcement, the new period requirements for other taxpayers is reportedly being limited to large taxpayers.

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