Legal 500 2024
We are proud to announce that Athos Demetriou Associates LLC has once again been recommended in 3 practice areas in The Legal 500 EMEA - …
On the 27th January 2017, the Cyprus Parliament voted the Law Regulating Overdue Taxes, giving people the opportunity to repay overdue taxes in monthly instalments.
After several discussions, postponements and amendments to the proposed tax bill, this well-balanced outcome is expected to generate substantial and immediate state revenues.
The good news for the tax payers is that by utilizing the provisions of the specific Law, penalties, interest and monetary charges imposed on overdue taxes may be minimized or even eliminated.
The law concerns specific arrangement for overdue taxes under:
Tax payers that will elect to settle the entire amount with a one-off payment, will be exempt from the obligation to pay any penalties, interest and monetary charges imposed on overdue taxes.
Tax payers also have the option to settle their tax liabilities in multiple instalments.
The Law provides for maximum monthly instalments and minimum amount per each instalment, depending on the amount due:
The law also allows the tax commissioner the authority to decide on discounts, interest, and charges on a case by case basis.
Persons found having undeclared revenue, deposits or transactions executed either in Cyprus or abroad, are exempt from the provisions of the specific Law. This applies for both legal entities and individuals.
Deadlines
Applications must be submitted within three months from the date that the Law will come into effect.
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