Factsheet for measure
CY-2020-14/442
– measures in Cyprus
Suspension of value added tax (VAT) payment
Αναστολή καταβολής Φόρου Προστιθέμενης Αξίας (ΦΠΑ)
Background information
The measure for the suspension of the payment of VAT is provided in the 'Amendment Value Added Tax (VAT) Law' N. 24(1) 2020.
The measure is taken by the government within a bundle of other measures to support businesses to stay afloat during the crisis.
The measure is applied to all taxable persons that are registered in the VAT Register but excludes specific economic activities that have not been affected by the coronovirus crisis.
Content of measure
According to the Law, registered persons in the VAT Register, whose their defined tax period payments are due in 29 February 2020, 31 March 2020 and 30 April 2020 are entitled with the right to suspend their payments by 10 November 2020.
The suspension of VAT payments is not implemented, however, to taxable persons in certain economic activities that have not been affected by the crisis. Among these group of economic activities are: production and provision of electricity, supermarkets, mini-markets and kiosks, pharmacies, telecommunications and food, groceries, fish, meet, pastry, bakery and pasty retail markets.
The eligible taxable persons are exempt for extra taxes and interest taken that they submit their application in time and pay their taxes by 10 November 2020.
Use of measure
No information is currently available
Target groups
Actors and funding
|
Actors
|
Funding
|
National government
Social partners jointly
Trade unions
Employers' organisations
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No special funding required
|
Social partners
Social partners' role in
designing the measure
and form of involvement:
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Trade unions
|
Employers' organisations
|
|
Role
|
Unknown
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Unknown
|
|
Form
|
Not applicable
|
Not applicable
|
Social partners' role in the
implementation, monitoring and assessment phase:
-
N/A
-
Main level of involvement: Unknown
Involvement
N/A
Views and reactions
The government has consulted social partners - trade unions, employers' organizations and political parties - and the measure was approved on an agreed base.
Sources
