Cyprus Tax News 11 July 2014
Based on the Memorandum of Understanding between the Republic of Cyprus and the Troika, the House of Representatives voted specific amendments to the Assessment and Collection of Taxes Law. The amendments were published in the Gazette on 20 June 2014 and provide among others for the following:
• the obligation of all individuals to pay any remaining income tax due as calculated in their income tax return via self-assessment and
• the imposition of stricter penalties to officers of companies, in case of omission/failure to pay taxes due
Please see the attached news alert for further details.