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VAT Update
Payment of suspended VAT in six equal instalments
A new VAT law amendment (Decree N.147(I)/2020) published in the Cyprus Gazette on 2/11/20 provides for an extension of the payment for the outstanding amounts arising from the VAT returns submitted for the periods ending 29 February, 31 March and 30 April of 2020.
Contents
In response, the Tax Department has issued a Notice on 3/11/2020, clarifying that the Decree N.147(I)/2020 provides the option for taxable persons to settle the VAT liability which was deferred until 10 November 2020 due to the impact of COVID-19, in six (6) equal instalments from 10 November 2020 until 10 April 2021, without the imposition of additional tax and interest.
The waiver of additional tax and interest applies to all situations for which the VAT liability was deferred until 10 November 2020, whether this relates to monthly or quarterly taxable periods. It is noted that the aforementioned concession does not apply to any VAT declarations for which there was no right to defer settlement of the VAT liability until 10 November 2020. Our previous alert on these provisions can be found here.
The outstanding balance in the above cases must be discharged in six (6) equal installments, and each amount must be paid by the 10th day of each respective month beginning from 10th November 2020, i.e. by 10/11/2020, 10/12/2020, 10/1/2021, 10/2/2021, 10/3/2021 and 10/4/2021.
It is noted that, the option is available to discharge the outstanding balance in fewer, continuous monthly instalments beginning on 10/11/2020. Each instalment must be at least 1/6th of the outstanding liability as at 10 November 2020.
Authors
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Kyriakos Fili Kyriakos is the VAT Partner of Grant Thornton in Cyprus. He is a member of the Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Certified Public Accountants of Cyprus (ICPAC).View Profile