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VAT Law Amendments Introduced
Proposed amendments to paragraph 4, article 20 of the VAT Law have been approved by the Cyprus Parliament and subsequently published in the Official Gazette of Cyprus. Taxand Cyprus summarises what these amendments will entail.
These amendments would require state tax offices to administer VAT returns within a period of 4 months commencing from the date of submission of the application. If the state fails to administer the VAT return within the 4 month time frame, interest will be imposed on the state, in accordance with the Single Default Public Interest Law. This is a compromise from the original proposal which had called for the time period to be 3 months.
The amendment will be applicable 4 months after its publication in the Official Gazette, which is February 2013.
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These amendments to the VAT Law are a positive step for taxpayers in Cyprus, as it will allow an efficient process and provide for less difficulty when filing tax returns. The new amendments will also help attract corporations who do not want to deal with timely VAT processes.