News

Seeing that the Republic and the World in general is going through unprecedented events that affect not only health but also livelihood and business operations, the Government has proposed to adopt certain relief measures to alleviate the impact of the pandemic. towards this direction, as of last Friday the 27th, the Parliament has passed the law amending the VAT law.

Temporary VAT payment deferral to 10 November 2020 and suspension of 10% tax penalty, interest and criminal sanctions

The deferral applies:

• Irrespective of turnover volume, total outputs of entities or their respective decreases
• To all entities except for the ones pertaining to the excluded sectors (below)
• To VAT quarters December 2019 – 29 February 2020, January – March 2020 and February – April 2020
• Only if VAT returns for the above quarters are submitted in a timely manner (i.e. by 10 April, 10 May and 10 June 2020 respectively).

Excluded sectors include unaffected retailers, pharmacies, supermarkets, EAC and CYTA.

The economic activity codes of the excluded sectors are: 35111, 36001, 47111, 47112, 47191, 47211, 47221, 47221, 47231, 47241, 47242, 47301, 47411, 47611, 47621, 47651, 47731, 61101, 61301, 61901