Based on previous tax provisions, a tax payer (legal or natural person) could proceed with the settlement arrangement of his tax liabilities for tax years up to 2015 (settlement with up to 60 monthly instalments), provided that he had submitted by 30 June 2020 all his tax returns for the years until 2018. Under a new law passed by the House of Representatives on 3 July 2020, the taxpayer is now entitled to make the same arrangements provided he submits his tax returns and enters the arrangement by 30 November 2020. In addition, any instalments that were not paid with in the period from 1 March to 31 July 2020 will not be taken into consideration in order to assess if the tax payer omitted payment of any five instalments, where the arrangement is automatically cancelled.
McMillan Woods Cyprus Ltd
36 Pireos Street, 3rd Floor, 2023, Strovolos Nicosia, Cyprus
T: +357 22276000 | F: +357 22270807