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Cyprus Tax Legislation Amendments Postponed 3 months
On 14 December 2010, the Cyprus Parliament introduced several amendments to Cypriot Tax Legislation, which were published in the Official Gazette on 31 December 2010. An imposition of penalties was introduced with these changes, and due to take effect on 30 June 2011. However, the Inland Revenue Department announced recently this date has been delayed for 3 more months until 30 September 2011. Taxand Cyprus reviews the changes that are to be introduced.
Amendments to the Cyprus tax legislation cover:
- Income tax law
- Special defence contribution law
- Assessment and collection of taxes law
- Imposition of adminstrative penalities
Taxpayers with investments in Cyprus should consider the impact these changes in legislation will have and make appropriate plans to minimise tax risksto maxmise business performance.
Your Taxand contact for further queries is:
T. +357 22 69 92 22