vat payment/refund/PENALTIES

VAT declaration - Payment/return of VAT

VAT returns must be submitted quarterly and the payment of the VAT must be made by the 10th day of the second month that follows the month in which the tax period ends. (40 days after the end of the quarter)

VAT registered persons have the right to request for a different filing period which is subject to the approval of the Customs and Excise department. The VAT Commissioner has the right to request a taxable person to file the VAT returns on a different period.

Where in a quarter input tax is higher than output tax, the difference is either refunded or transferred to the following quarter.

As from 19 February 2013 taxpayers who make a claim for VAT refund will be entitled to repayment of the principal amounts together with interest (currently set at 4,75% p.a.), in the event that the repayment is delayed for a period exceeding four months from the date of the submission of the claim.

The grace period for the VAT Authorities to repay the refundable amounts is extended by four months (i.e. eight months in total) in the event that the Commissioner is carrying out an investigation in relation to the submitted claim.

Any Omission or delay to submit the intrastat  return for a period of over 30 days constitutes a criminal offence with a maximum penalty of  euro 2,562.


Find out details about Cyprus Tax by downloading our annual publication Tax Facts 2015.

Important note: This article has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice from a qualified accountant.

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