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Cyprus Allows Firms Longer To Pay VAT Due In Feb, March

Monday, February 22, 2021

Cyprus's Department of Taxation has announced businesses will be allowed more time to make their monthly value-added tax payments for the periods ending December 31, 2020, and January 31, 2021.

Tax for these two periods would normally be payable by February 10, 2021, and March 10, 2021, respectively. However, the Tax Department is allowing businesses to instead pay in three equal monthly instalments.

For tax due for both periods, a first installment may be paid by April 10, 2021, the second on May 10, 2021, and third on June 10, 2021.

The return was due for the period ending on December 31, 2020, on February 10, 2021, and the return for the period ending on January 31, 2021, is due on March 10, 2021.

Payment in three equal installments is optional. Taxpayers can instead pay all their liability without incurring charges or interest by making payment by April 10, 2021, the tax department said. It likewise said that businesses can clear a lump-sum amount of their debt before April 10, 2021, and pay the remainder in three equal installments.