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LEGAL UPDATES
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Amendments to the Assessment and Collection of Taxes Law
24.06.2014
Area(s) of Practice: Taxation Law

A new amendment to the Assessment and Collection of Taxes Law establishes self-assessment for all income taxpayers, in line with the Memorandum agreed between Cyprus and the Troika. It is reminded that, prior to the amendment, such an obligation applied only to legal persons and self-employed persons. Taxpayers entitled to a refund, shall receive it within two months from the end of month in which they submit their tax return.

Another amendment to the above law harmonises the legislation among tax types, so that failure to pay taxes constitutes a criminal offence. In particular, it provides that an intentional failure of a natural or legal person to pay any tax due or a late payment is a criminal offence. The new provisions also attribute personal responsibility for payment of company taxes to those who truly and effectively control a legal person, and to the responsible manager for fraudulent filing of company taxes. However, with regard to the failure to pay withholding taxes or the late payment of withholding taxes, the law establishes a criminal offence regardless of the intention of the taxpayer.

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