The Cyprus Tax Department has recently submitted for further
discussion a Bill of Law at the House of Representatives, which
refers to the mandatory digital submission of VAT returns via the
system TAXISNET for companies, associations and other legal
entities. The proposed Bill of Law will take into consideration the
comments and input of the Tax Commissioner regarding other tax
related issues; such as the submission of forms 4B and the use of
an electronic payment system which will allow taxpayers to settle
their VAT obligations digitally.
According to the existing legislation all tax payers; legal
entities and individuals have the option to submit their VAT return
forms electronically or in person.
An announcement has been circulated by the Tax Department in
order to urge VAT registered legal entities to comply with the
proposed legislation. This new legislation is expected help the
business environment in Cyprus and to minimize the bureaucratic
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