February 5, 2018

New Regulation on Tax Debts

The regulation bringing into life the law on tax amnesty was published on 23/6/2017 in the official Gazette of the Republic of Cyprus. The regulation provides for reduced penalties and interest if the tax is paid by instalments. It covers all taxes which arose up to 31 December 2015. An application to take advantage of this relief must be submitted within three months from the effective date of the law (3 July 2017), i.e. by 2 October 2017 through a specific website application, except for new tax liabilities as under “c” above where the 3 months commence from the date the newly assessed tax is due.

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