The Ministry of Finance of Cyprus has just announced the approval of the following bills in order to support businesses to counter the impact of the Coronavirus outbreak
- Bill providing for a temporary suspension of the submission of the VAT return ending in February 2020:
The deadline for the submission of the VAT Return covering the period December 2019 – February 2020 which was due by the 10th of April 2020 has been extended to the 30th of April 2020, provided that:
a. the taxable person pays the VAT payable amount until the 10th of November 2020; and
b. the total sales of the taxable person for the period from 01st of March 2019 till the 29th of February 2020 have not exceeded one million euro. - Bill providing for the reduction of the standard VAT rate and one of the reduced VAT rates:
a. the Standard VAT rate from 19% to 17% over a two-month period from 1st of April 2020 to 31st of May 2020, as well as,
b. a reduced VAT rate, which is reduced from 9% to 7% for a period of three and a half months, from 1st of April 2020 till the 15th of July 2020.
Contribution by:
Ms. Demetra Constantinou is a Partner at Kinanis LLC, which is one of the leading and largest business law firms in Cyprus. The firm provides a full range of services combining law, tax and accounting, applying the principle of, “all in one place”, so that the clients will find a quick, correct and efficient solution to their daily legal, accounting and tax issues under the same roof, for over 35 years.
Ms. Constantinou is a qualified Accountant and a Fellow member of the Association of Certified Chartered Accountants (FCCA), as well as, a member of the Institute of Certified Public Accountants of Cyprus (ICPAC) and International Tax Affiliate of the Chartered Institute of Taxation (CIOT). Ms. Constantinou is a holder of an Undergraduate Degree in Public & Business Administration from the University of Cyprus, of ADIT (Advanced Diploma of International Taxation) Qualification with specialisation in EU VAT Law and of CYSEC’s Advanced Certificate in Financial Services Legal Framework.
Ms. Constantinou’s main areas of practice are Accounting and VAT Consultancy for local and international clientele, as well as, General Tax Advisory Services for EU based clients on various EU tax matters relating to VAT Law and Blockchain consulting services on Tax and VAT aspects. She is also a certified “Trainer of Vocational Training” by the HRDA.
Kinanis LLC is a Cyprus law firm offering legal and consulting services since 1983, evolving from a traditional law firm to a cutting edge multidisciplinary business law firm combining exceptional expertise in law, tax and accounting. The firm has offices in Malta and a China desk and employs more than 80 lawyers, accountants and other professionals. Our clients benefit from a complete range of business legal, accounting and advisory services from a highly specialized team of professionals. We consider ourselves as ‘traditional pioneers’ and our motto is to foresee and anticipate any issues that may potentially impact our clients’ business and to offer effective advice and solutions proactively.
