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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

To understand in full the detail regarding the amendments to the Cyprus tax legislation read the tax briefing from Taxand Cyprus

Taxand's Take

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:

Chris Damianou
T. +357 22 69 92 22

Taxand's Take Author