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:
- Income tax
- Special Defence Contribution
- Immovable property tax
- Capital gains tax
- Inheritance tax
- Special contribution
- Stamp duty
- Value Added Tax
Practice Area(s): Tax Planning, Accounting and Bookkeeping services