One of the main changes in the VAT legislation that Cyprus is expected to implement from July 1, 2021 is the imposition of penalties burden on persons who fail to pay VAT through the reverse charge mechanism. The penalty fee will range from €200 for each quarter and with a maximum of €4.000
On the 4th of June 2021 the Cyprus Tax Department announced that there will be no imposition of administrative fines to the overdue submission of DAC 6 information as the deadline for the filing of information on reportable cross border arrangements has been further extended to the 30th of September 2021, the above concerns the following cases,
According to the Cyprus Income Tax Law the dates of submission and payment of the provisional tax for the year 2021 are as follows:
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31/07/2021 |
Submission of return and payment of 1st installment |
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31/12/2021 |
Payment of 2nd installment – last day of revision of provisional tax (if needed) |
