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13 October 2017
The Process of Adjustment of Tax Arrears Law 2017 (Law 4(I)/2017) established a procedure for settling tax arrears by monthly instalments. It provided a waiver of interest and penalties of up to 95% for all nationally imposed taxes, including:
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 set at three months after the law took effect. The law took effect on July 3 2017 and the deadline for submitting applications was therefore October 3 2017.
The law was recently amended through Law 129(I)/2017, which took effect on September 29 2017. Law 129(I)/2017 has extended the deadline for submitting applications from three months after the law took effect to six months. Applications may now be submitted until January 3 2018. Further, the amendment relaxes the requirement regarding the submission of outstanding tax returns. The initial law required all tax returns for tax years up to and including 2015 to have been submitted before an application was made. Under the amended law, applicants must submit any pending tax returns for tax years up to and including 2015 no later than June 30 2018.
For further information on this topic please contact Philippos Aristotelous at Elias Neocleous & Co LLC by telephone (+357 25 110 110) or email (firstname.lastname@example.org). The Elias Neocleous & Co LLC website can be accessed at www.neo.law.
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