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Cyprus Announces More COVID-19 Tax Breaks

Thursday, June 25, 2020

The Government of Cyprus has announced a number of new tax support measures for businesses, including a value-added tax rate cut for tourism accommodation providers and restaurants.

The Government has announced that during the period July 1, 2020, until January 10, 2021, tourist accommodation and catering services will be subject to a five percent rate of VAT, down from nine percent.

Further, the Government has announced that the deadline for personal income tax returns for salaried persons and payment will be extended until October 31, 2020.

Finally, penalties that were applied to entities who failed to file a return during the period April 10, 2020, to May 10, 2020, will be waived.