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Indirect Tax Update - Submission of VAT Return Forms

Indirect Tax Update - Submission of VAT Return Forms

Obligation of legal entities to submit electronically their VAT return forms via the Taxisnet system.

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Based on the current policy of the Cyprus Tax Department, taxable persons, whether legal entitles and/or individuals, are not obligated to submit their VAT return forms electronically. However, this current policy is imminent to soon change as the Tax Department has already submitted for discussion and approval a bill of law before the House of Representatives, proposing the mandatory electronic submission of VAT returns via the Taxisnet system in relation to legal entities (companies, partnerships, associations, foundations, etc).

In discussing the Tax Department’s proposed Bill of Law, the Parliament requested from the Tax Commissioner to also seriously consider, in addition to the electronic submission of quarterly VAT returns, the electronic submission of 4B forms and the introduction of an electronic payment system thus giving the option to taxpayers to settle their VAT obligations electronically.

For the timely compliance of all VAT registered legal entities with the above described filing obligation, the Tax Department has published a relevant announcement, the exact content of which can be found in the alert.

KPMG and the KPMG logo are registered trademarks of KPMG International Cooperative ("KPMG International") a Swiss entity. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG International Cooperative ("KPMG International") or KPMG member firms.

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