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ARTICLE · 29 JANUARY 2018

Further Extension For Applications To Settle Tax Arrears By Instalments

Elias Neocleous & Co LLC
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Elias Neocleous & Co LLC

Elias Neocleous & Co LLC

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The deadline for submitting applications to participate in the scheme was originally set at three months after the law took effect.

CyprusWealth Management
Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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The Process of Adjustment of Tax Arrears Law 2017 (Law 4(I)/2017) establishes a procedure for settling tax arrears by monthly instalments. It provides a waiver of interest and penalties of up to 95% for all nationally imposed taxes, including:

  • income tax;
  • value added tax;
  • special defence contribution tax;
  • capital gains tax;
  • stamp duty; and
  • special contributions payable by employees, pensioners and self-employed persons.

Although the law was enacted in February 2017, it did not take effect immediately in order to allow time for the necessary payment systems to be implemented. The deadline for submitting applications to participate in the scheme was originally set at three months after the law took effect. The law took effect on July 3 2017, meaning that the deadline for submitting applications was October 3 2017.

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