Cyprus – VAT Payments Can be Made in Installments

On 9 February 2022, the Tax Department of Ministry of Finance of Republic of Cyprus announced that, it is possible for Taxpayers to pay the VAT due for the period ending on 31 December 2021 in three (3) equal installments payable on 10 February 2022, 10 March 2022, and 10 April 2022, without imposition of additional tax and penalties.

In order for the above regulation to be valid, the specific VAT declaration for the period ending on 31 December 2021 is required to be submitted normally by 10 February 2022 with the correct amount of the VAT due arising in that period regardless of whether the VAT opted to be paid in installments.

For further information and clarifications please contact us via email at info@zambartaslegal.com or via telephone +357 22262108