Announcement with regard to the Assessment and Collection of Taxes Law
Further to our 2 April 2020 webcast, we note that with regard to the Assessment and Collection of Taxes Law, on 9 April 2020, the Minister of Finance has issued a decree No 155/2020 which replaces decree No 132/2020 issued on 30 March 2020.
The revised decree refers only to the granting of an extension with regard to the submission of the 2018 income tax returns of:
· Companies (form TD4)
· Self-employed persons whose turnover is in excess of Euro 70.000 and have an obligation to prepare audited accounts (Form TD1 self-employed)
by 1st June 2020.
Relevant provisions included in the initial decree relating to the granting of an extension with regard to the payment of the due tax relating to the above-mentioned tax returns are no longer included. As such no extension to the payment of the 2018 income tax due applies.
The Tax team of EY Cyprus is at your disposal for any further clarifications that may be required.
For additional information with respect to this Alert, please contact the following:
Partner, Direct Tax Services
Tel: +357 22 209 797
Mob: +357 96 795 007
Senior Manager, Direct Tax Services
Tel: +357 22 209 723
Mob: +357 96 848 443
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