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The Law Regulating the Settlement of Overdue Taxes

 On 27 January 2017, the Cyprus Parliament approved a new Law ("the Law") which provides a procedure for the settlement of overdue taxes, including interest and/or penalties accrued thereon.

On 23 June 2017, the Tax Commissioner issued a Notification ("the Notification") which specifies that the effective date of the Law is 3 July 2017 and provides also the main provisions, which are set out below.

The taxes regulated under the new Law are the following:

  1. Income tax
  2. Special Defence Contribution
  3. Immovable property tax
  4. Capital gains tax
  5. Inheritance tax
  6. Special contribution
  7. Stamp duty
  8. Value Added Tax

 

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