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
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