Cyprus Enhances VAT Payment Extension for COVID-19 with Installment Option

The Cyprus Tax Department has announced the publication of Law 147(I)/2020, which amended the VAT payment extension provided in response to COVID-19 so that payments may be made in six installments. As previously reported, Cyprus allowed companies facing difficulties due to the COVID-19 outbreak to delay the payment of VAT to 10 November 2020 in respect of payments normally due by 10 April, 10 May, and 10 June 2020, without interest and penalties.

With the amendments, payments may be made …