Under the Value Added Tax
(Amending) Law of 2020 (L.24(I)/2020), the right of suspension of the
obligation of payment of the VAT is conferred to the persons registered in
the VAT Registry, whose specified taxation periods end on the 29th of
February 2020, the 31st of March 2020 and the 30th of April 2020.
The right of suspension of
payment of the VAT due is not applicable to the taxable persons who fall into
the following codes of economic activities, as these appear on the
Registration Certificate in the VAT Registry:
- 35111
(Production of electricity);
- 36001
(Collection and distribution of water (for water supply);
- 47111
(Groceries and supermarkets, mainly of food products);
- 47112
(Kiosks and minimarkets);
- 47191
(Retail sale of a variety of goods in department stores, of which
foodstuff, beverages and tobacco are not predominant);
- 47211
(Retail sale of fruit and vegetables – fruit markets);
- 47221
(Retail sale of meat and meat products, including poultry);
- 47231
(Retail sale of fish, crustaceans and mollusks);
- 47241
(Retail sale of bread and of other bakery products);
- 47242
(Retail sale of confections);
- 7301
(Retail sale of fuel);
- 47411
(Retail sale of computers, peripheral equipment and software, including
videogames);
- 47611
(Retail sale of books);
- 47621
(Retail sale of newspapers and stationery);
- 47651
(Retail sale of games and toys excluding videogames);
- 47731
(Pharmacies);
- 61101
(Cyprus Telecommunications Authority);
- 61201
(Internet services);
- 61301
(Satellite telecommunication services);
- 61901
(other telecommunication services excluding CYTA).
It is pointed out that, all
taxable persons are still required to submit their tax return within the
deadline, regardless of the economic activities code into which they fall.
It is noted that, taxable
persons whose code of economic activities does not fall into the above
categories, will be exempted from the imposition of additional tax and
interest in accordance with article 45 (3) of the Law, provided they submit
within the deadline their tax return and pay the tax due until the 10th of
November 2020.
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AP/II |
