Monthly instalments payments scheme for overdue taxes Cyprus

The scheme covers income tax, VAT, special defence contribution, immovable property tax, capital gains tax, stamp duties, special contribution for employees, pensioners and self-employed persons, and inheritance tax.

The repayment scheme introduced allows 54 monthly instalments for tax obligations below €100,000, and 60 monthly instalments where the obligations exceed €100,000. The tax commissioner has been provided with the discretion to rule on discounts on interest and penalties on a case-by-case level.

Interested parties must submit an application within 3 months of the date on which the new law becomes effective. The date of implementation has not yet been determined. Official announcement will follow.