News

On 27 March 2020 the Cypriot Parliament has voted to enact into law a package of ten Bills to regulate the impact and minimize the effect of the pandemic outbreak, including the additional budget for the support of the economic impact of the virus to the business and labor fields. Below listed are the main measures adopted.

Amendment to Quarantine Law

Article 7 of the Law amended: Penalty upon conviction available to the Authorities for violation of the law or any regulation/decree made according to the law up to EUR3000 and/or 6 months imprisonment.

New law for out-of-court fines

The law introduced a provision for the imposition of out-of-court fines of EUR150 in cases of non-compliance and discipline with the provisions of Quarantine Law.

Amendment to VAT Law

VAT payment deferral to 10 November 2020 and suspension of 10% tax penalty, interest and criminal sanctions in case of timely arrangement.

(Please see our previous newspiece for more information on application)

Amendment to the General Healthcare System Law

Suspension of the payment of the increased contribution rates applicable for Phase B of the General Healthcare System until July 2020.

Amendment to the Overdue Social Contribution Law

Agreements in place for the regulation the payment of overdue social contributions of entities or persons in installments, can be extended by two months, deferring payments due for March and April 2020.

Effect of Rent Control Law

Abolition of the effect of the Rent Control Law so that all eviction procedures be suspended until the end of May 2020.