New Announcements By The Cyprus Tax Department On Tax Payments And Stamp Duty

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Elias Neocleous & Co LLC

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Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
The Cyprus Tax Department has recently announced a change in the method for taxpayers in settling their tax liabilities as from May 3, 2023, and the release of a new updated version of the Stamp Duty Calculator.
Cyprus Tax

The Cyprus Tax Department has recently announced a change in the method for taxpayers in settling their tax liabilities as from May 3, 2023, and the release of a new updated version of the Stamp Duty Calculator.

Pursuant to the announcements, taxpayers are advised that tax payments can no longer be executed through JCC Smart, only via the Tax Portal. Log in credentials to the tax portal remain the same as those used to access Taxisnet. Any tax liabilities due, which can be found under the category "Statements of Due Amounts", can either be settled through (i) online banking using the "payment reference number" issued in the Tax Portal or (ii) using a debit/credit card.

It should also be noted that Stamp Duty on any Corporate Contracts, Revised Contracts, or overdue Contracts (exceeding 30 days from the date of signing) is calculated at the District Offices ONLY.

More information on the announcements can be viewed in Greek here and here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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