The House of Representatives has voted on 15 November 2012 a number of amendments to the Assessment and Collection of Taxes Law, aiming to reduce the burden of administrative costs for Cyprus businesses.
The amendments which will come into effect from 1 January 2013 are as follows:
- The number of provisional tax installments made by companies and self-employed persons is reduced to two ( from three that it was previously) and these two installments are due on 31 July and 31 December each year.
- The electronic submission of the Employer’s Tax Return ,form I.R.7 becomes mandatory and the submission deadline is extended by three months to 31 July following the tax year in question (previously the due date was 30 April).
- The number of years that books and records should be kept is reduced from the existing requirement of seven years to six years from the end of the tax year that they relate to.