The Cyprus Parliament has recently approved and voted the bill proposed by parliamentary parties which regulates the payment of overdue taxes in various monthly instalments. Overdue debts under €100,000 can be paid in 54 monthly instalments whereas those exceeding €100,000 can be paid in 60 instalments.
The new Law gives the Tax Commissioner the right to reduce the interest and penalties applicable to overdue income taxes, capital gains tax, stamp duties, SDC and VAT provided the taxpayer meets certain obligations.
