• Cyprus introduces tax administration changes


    Cyprus has introduced tax administration changes which are contained in the amended Assessment and Collections Law.

    In particular the following changes will be implemented:

    1. Provisional tax payments have been reduced from 3 to 2 equal installments on the 31/07 and 31/12 of the relevant tax year.
    2. The period for maintaining records which support the taxpayer's tax return have been reduced from 7 to 6 years following the end of the tax year to which they relate.

The amendments were published in the official gazette on 30 November 2012 and will take effect from 1 January 2013.

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