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Indirect Tax Update - Electronic Submission of VAT returns

Electronic Submission of VAT returns

The objective of the amended legislation which was passed by the House of Representatives and published in the Government Gazette today (16/12/2016) is the addition of paragraph 6A to regulation 17 of general regulations (314/2001) providing for the compulsory submission of VAT returns by electronic means with effective date on 2nd May 2017.

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The new paragraph 6A of Regulation 17 provides:

“All taxable persons, based on the provisions of the Law, are obligated to submit their VAT return electronically as provided for in regulation 17”.

According to article 6(1) of the VAT Act, a taxable person is every person who is registered or is liable to register under the VAT Act.

Consequently, all persons registered or liable to be registered in the VAT Registrar, are liable to submit their VAT returns electronically. Practically this means that both physical and legal persons as well as partnerships, joint ventures or any other form or organization fall within the definition of taxable person.

Procedure to register with the VAT Taxisnet system

1. Access the Taxisnet for VAT platform to apply for registration https://taxisnetreg.mof.gov.cy/

2. Click on the blue button under the title “Register for Taxisnet”

3. Fill in the necessary data as requested by the platform

4. Submit the application form electronically

5. Receive an email on the specified email address requesting confirmation of the data having been filled in

6. Return to home page so as to continue completing the application

7. Submit the application electronically

8. Issue and dispatch of the password to the applicant for new users or add the taxpayer under the representative designated or adding a service
(VIES)

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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