Cyprus Offshore Companies formation

June 23,2017

The notification that will specify the arrangements of the Tax Commissioner for the payment of overdue taxes will be published today at the official government gazette.

The relevant law, which was voted last January by the House of Representatives, concerns the arrangement of debts with the income tax, VAT, immovable property tax, special contribution for defence, capital gains tax and inheritance tax, which were due up to the 31 December 2015 and their repayment will be made in monthly equal instalments.

For debts up to €100.000, the minimum amount of the instalment will be €50 per month, for debts which are above €100.000 the minimum instalment will be €1.852 per month.

For debts up to €100.000, the number of instalments will not exceed 54 and for debts which are above €100.000 the maximum number of monthly instalments will be 60.

The Tax Commissioner has arranged for incentives to be given to consistent debtors of tax liabilities, since according to the amount of their instalments, there will be a respective write off of charges and interests.

Debtors who wish to arrange their tax obligations, will be able to submit a relevant application to the Tax Commissioner within a period of three months from the date of enforcement of the law.

The provisions of the law will not apply to cases concerning undeclared cash amounts, deposits or remittances made or located in Cyprus or abroad.

The arrangement will be cancelled if the debtor among others, delays in paying his/her instalment for over three months.

Debtors whose application is cancelled will be able to submit an objection to the Tax Commissioner.
According to the relevant legislation, the Tax Commissioner will have the right through issuing orders, to determine a full deduction of interests and charges on overdue debts.

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