Among the group of the measures taken by the Cyprus Government for the support of companies amid Covid-19 pandemic, the following have been announced:
- An extension to 1 June 2020 (was 31 March 2020) of the deadline to submit the 2018 tax return for companies and self-employed individuals who have the obligations to prepare accounts.
- A temporary suspension of VAT payment for tax periods ending on 29 February 2020, 31 March 2020 and 30 April 2020. In accordance with the suspension, the penalty of 10% additional tax, interests and other related penalties for VAT payment delay, are postponed until 10 November 2020.
- The temporary VAT payment suspension applies given that:
- The entity submits a tax return within the deadline
- VAT for the aforementioned periods is paid by 10 November 2020
- General Healthcare System contributions – the increased contribution rates will not apply for April, May and June 2020.
- Postponing of the procedure of publishing a three-month notice before the strike of non-compliant companies in the Government Gazette, until January 2021.
- Payment of the annual levy of €350 for the year 2020 until the 31st December 2020, without a penalty.
- Postponing imposition of monetary penalties for late submissions of statutory documents to the Registrar of Companies until 2021.
- Permission to file Annual Return forms (HE32) drawn up in the year 2020 with the Registrar of Companies up until the 28th of January 2021 without a penalty.