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EY Cyprus COVID-19 Updates

Extension of the deadline for payment of contributions to the Social Insurance Fund (Self-Employed)

The Minister of Labour, Welfare and Social Insurance, exercising the powers conferred to her by the law, issued an Administrative Decree (191/2020), which was published on 4 May 2020 in the Official Gazette of the Republic and is referred to as the Extension of the Deadline for the Payment of the Contributions of Self-Employed to the Social Insurance Fund Decision (No 16) of 2020.

On the basis of the above Decision, the Ministry of Labour, Welfare and Social Insurance announces that the settlement of contributions to the Social Insurance Fund as well as to the other funds administered by the Social Insurance Department, on the insurable emoluments of self-employed for the first quarter of 2020, which were due for payment to the Social Insurance Department by 10 May 2020, can be made by 10 July 2020 (inclusive) without the imposition of any additional levy or charge. In case the contributions on self-employed individuals’ insurable earnings for the first quarter of 2020 are not settled by 10 July 2020, then these become overdue and the provisions of the relevant laws which provide for the imposition of additional levies and charges for overdue contributions apply as of 11 July 2020.

Lastly it is noted that the time period, as provided for by the Administrative Decree 289/2010, for the filing of objections with the Social Insurance Department by self-employed individuals, relating to contributions for the first quarter of 2020 to be based on reduced insurable earnings, due to their real income being lower than the minimum amount of insurable earnings in their respective professional category, is extended until 31 May 2020.

EY Cyprus is at your disposal for any information and/ or clarifications required.

For additional information with respect to this Alert, please contact the following:

Petros Liassides

Partner, Tax Services

Tel: +357 22 209 797

Petros.Liassides@cy.ey.com

 

Herodotos Hadjipavlou

Assistant Manager, Direct Tax Services

Tel: +357 22 209 788

Herodotos.Hadjipavlou@cy.ey.com

 

 

 

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