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Cyprus Indirect tax update:Claimable amounts from the Tax authorities

Indirect tax:Claimable amounts from the Tax authorities

On 4 July 2017 the Tax Authorities announced that going forward all VAT refunds will be made electronically via bank transfers, thus ending the existing process of issuing bank cheques.

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On 4 July 2017 the Tax Authorities announced that going forward all VAT refunds will be made electronically via bank transfers, thus ending the existing process of issuing bank cheques.

In view of the said announcement, it is imperative that all taxable persons, who either have already submitted refund claim, which is still under examination or intend to do so in the future, to proceed with the completion and submission of the form TΦ 1900 to the Tax Authorities, giving details of their bank account (IBAN account and SWIFT number).

It is recommended that you also visit the network link of the Tax Authorities to be informed of the procedure that needs to be followed for the completion and submission of the relevant form TΦ 1900.

From the date of implementation of the above new procedure, any claims submitted by taxable persons will not be examined by the Tax Authorities, unless their bank account details are provided through the completion of form TΦ 1900. 

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