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Cyprus updates VAT penalties

A new penalty regime comes into force in the Mediterranean island of Cyprus on 20 August 2020.

This will be as follows for any VAT registered taxpayer whether resident or non-resident:

  • €100 fixed fine for missing the filing deadline of a VAT return. Quarterly returns are due on the 10th of the second month after the reporting quarter
  • If any outstanding VAT is not paid by the same deadline, there is a fine of 10% of the amount due
  • There is a 1.7% interest charge per annum on the outstanding VAT liability, calculated at the end of each month
  • There is a fixed fine for missed Intrastat returns of €15 per day. Intrastat is due on a monthly basis by the 10th of the following month
  • For European Sales Listings (ESLs) or VIES forms, there is a €50 fine for a missed deadline. These are due by the 15th of the following month

Compiling VAT or GST return can be complex- don’t let it result in fines in Cyprus or elsewhere.  VAT Calc’s single platform VAT Filer can correctly complete any country filings with verified VAT or GST transactional data from our VAT Calculator or VAT Auditor


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