According to recent reports, Cyprus published a law on 17 July 2020 that provides extensions in relation to the program for settling outstanding tax debts. The program, first introduced in 2017, applies for outstanding tax debts up to 31 December 2015.
Previously extended to 14 August 2020, the deadline for the submission of applications for relief from interest and penalties on outstanding tax debts for tax years up to 2015 is extended to 14 January 2021. In addition, the deadline for submitting returns for tax years up to 2015 is extended to 30 November 2020.
Specific relief is also provided in relation to the COVID-19 pandemic. This includes that installment payments under the program that are not paid during the period 1 March 2020 to 30 June 2020 will not be taken into account in relation to the rule that relief will be lost if more than 5 consecutive installments are delayed. Payments missed during this period are to be distributed among remaining installments from 1 July 2020.
We’re here to answer any questions you have about the Orbitax products and services.
We’re committed to providing high value, low cost tax research and management solutions.
Our Twitter account is where you can find latest information, news updates, offers and lots more.