Covid-19 VAT Measures – 3 instalments for VAT payments postponed until June 2021
Under the measures to curtail the financial impact of the second Covid-19 lockdown pandemic on the local economy, the House of Representatives recently approved the payment of Value Added Tax (VAT) in three instalments for certain taxable persons not falling under one of the categories listed in the relevant law.
VAT Law N.5(I)/2021 , which was published on 9 February 2021, amends the relevant provisions of the VAT Law so that the VAT that was due for the VAT periods ending 31 December 2020 and 31 January 2021 , may now be paid in three (3) equal instalments as follows:
• 10 April 2021,
• 10 May 2021 and
• 10 June 2021.
The Tax Department published an announcement which is providing further clarifications after the publication of the above law in the Cyprus Government Gazette.
Feel free to contacts us if you wish to have a deeper discussion on how this development might affect you or your business.
Our company has decided to remain operational and continue to serve our clients in addressing and overcoming any business challenges that may come along from this unpreceded situation.