by Jenny Tryfonos, Savva & Associates
The Official Government Gazette published the amending law to the Assessment and Collection of Taxes Law, on the 14 July 2017, stating the following:
Submission of tax returns
Submission of tax returns as from the 2017 tax year and beyond will only be accepted by electronic means or by other means approved by the Commissioner.
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In the event of violation of the provisions of the Assessment and Collection in Taxes Law or the relevant Regulations or Notifications or the Decrees, an administrative fine can be imposed by the Commissioner of up to €20,000 depending on the level of violation.
Furthermore the Commissioner may impose additional fines for any violations in relation to the Decrees related to the exchange of information (i.e. CRS, FATCA, and CbCR). Depending on the type of violation, the financial penalties range from EUR 500 to EUR 20,000.
5% Additional monetary charge for late payment of tax
A 5% additional monetary charge will be imposed in case the payment of taxes due, is not made within 2 months from the relevant payment deadline.
Issue of tax assessment notices
Tax assessment notices will be served personally or by electronic means, or with registered or non registered post.
Tax assessment further to Court decision
Should a tax assessment be issued after court decision, it will not be subject to the 6-12 year time limit.
Savva & Associates are leading experts in providing Cypriot tax and VAT planning. We pride ourselves in fast response times, practical advice and competitive and transparent fees.