Settlement of overdue taxes via “Ariadne” portal
Cyprus Government introduced on 23 June 2017 a scheme for settlement of overdue tax liabilities via the Government Gateway portal “Ariadne” which offers attractive discounts with respect to accumulated penalties and interest if overdue taxes are settled and the possibility for gradual repayment till 31/12/2015.
On 29.9.2017 an amendment was voted under which extension was granted from 31.10.2017 to 3.1.2018 for submission of application to enter the scheme for existing tax liabilities.
A new provision was included which provides that in order to be able to benefit from the scheme, applicants must submit any pending tax returns for tax years up to and including 2015 by the 30th of June 2018.
This means that any tax liabilities which are assessed after 3 July 2017 by the Commissioner of Taxation relating to tax years up and including 2015, and provided that the relevant tax returns will be submitted by 30 June 2018 will be able to benefit from the scheme. In such a case, an application for the scheme shall be made within three months from the date on which the tax becomes payable, on the basis of the tax assessment issued.
We would like to remind you that the scheme provides significant reliefs (from 50% up to 95%) of interest and penalties on overdue taxes depending on the number of installments.
For further information, please contact our company’s Managing Director [email protected]