VAT Newsletter Changes to VAT periods and deadlines
23 April 2020
VAT Newsletter 22 April 2020: Changes to VAT periods and deadlines for submission of returns and payment of VAT for certain taxpayers
VAT Newsletter 22 April 2020: Changes to VAT periods and deadlines for submission of returns and payment of VAT for certain taxpayers
As per a VAT decree issued by the Cyprus Tax Department on 16th of April 2020 which is part of the COVID-19 Government measures for the Cyprus economy, certain changes would apply to specific taxpayers/businesses (which have already received a relevant email notification in their Taxisnet email account by the VAT Department) in respect of:
- their VAT reporting periods (VAT returns)
- the deadlines for submitting the VAT returns for these periods, and
- the deadlines for payment of the output VAT due
Changes in VAT reporting periods and deadlines for submission of VAT returns
The following VAT returns reporting periods and respective deadlines would apply:
|
Normal VAT return period
|
New VAT return period
|
Submission Deadline for the new VAT return period
|
|
1/1/20 to 31/3/20
|
1/1/20 to 31/3/20
|
27/4/20
|
|
1/2/20 to 30/4/20
|
1/2/20 to 31/3/20
|
27/4/20
|
|
1/3/20 to 31/5/20
|
1/3/20 to 31/3/20
|
27/4/20
|
Thereafter the following monthly VAT return periods would apply up to 30/6/20:
|
New VAT return period
|
Submission Deadline for the new VAT return period
|
|
1/4/20 to 30/4/20
|
27/5/20
|
|
1/5/20 to 31/5/20
|
27/6/20
|
|
1/6/20 to 30/6/20
|
27/7/20
|
Payment of VAT liability based on the new VAT reporting periods
- For the taxpayers which belong to the following VAT economic categories, the relevant VAT payable amount must be paid in full by the submission deadline.
|
VAT economic category code
|
Description
|
|
35111
|
Producers of electricity power
|
|
36001
|
Collection and distribution of water
|
|
47111
|
Grocery and supermarkets
|
|
47112
|
Kiosks and mini markets
|
|
47211
|
Retail trade of fruits and vegetables and fruit markets
|
|
47221
|
Retail trade of meat and meat products and poultry
|
|
47241
|
Retail trade of bread and other bakery goods
|
|
47242
|
Retail trade of confectionery
|
|
47301
|
Retail trade of fuel
|
|
47411
|
Retail trade of computers, peripheral equipment and software including video games
|
|
47621
|
Retail trade of newspapers and stationery
|
|
61101
|
Cyprus Telecommunications Authority (CYTA)
|
|
61201
|
Provision of Internet services
|
|
61301
|
Satellite telecommunications services
|
|
61901
|
Telecommunication services other than those provided by CYTA
|
- For all other taxpayers (other than those specified in the table above) which are affected by the VAT decree and which they have already received the email notification by the VAT Office in their Taxisnet VAT account email, the amount of VAT payable at each monthly deadline is 30% of the total VAT outstanding at the end of the relevant VAT reporting period.
Therefore, the total VAT payable for each period is calculated by taking also into account the amount of VAT that remains unpaid from previous VAT periods as indicated in the below table:
|
VAT payment deadline
|
27/04/20
|
27/05/20
|
27/06/20
|
27/07/20
|
|
VAT Amount payable
|
30% of the VAT due for the period ending 31/3/20
|
30% of the VAT due for the period ending 30/4/20, plus
30% of the remaining VAT due for the period ending 31/3/20
|
30% of the VAT due for the period ending 31/5/20, plus
30% of the remaining VAT due for the periods ending 31/3/20 and 30/4/20
|
30% of the VAT due for the period ending 30/6/20, plus
30% of the remaining VAT due for the periods ending 31/3/20, 30/4/20 and 31/5/20
|
We note that the remaining amount of VAT due for all the revised periods up to 30 June 2020 which has not been paid by the 27th of July 2020 must be paid by 10th of November 2020.