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Tax News English – 30/3/2012

Law Providing for the Special Settlement of Tax Liability up to the years 2008- Extension

The above Law provided that a flat penalty of 5% is imposed on taxes due for the tax years up to 2008. All other penalties and/or interest accruing on such taxes previously imposed are waived.

On 29th March 2012 the Representatives of Parliament have voted on the extension of the deadline of payment to 31st October 2012.

Extension of deadline for submission of Income Tax forms via TAXISnet

The Director of Inland Revenue has announced that the deadline for submission of the 2010 Income Tax Return (IR4) of Companies has now been extended to 31st May 2012. The deadline for submission of the 2010 Income Tax Return (IR1) for self-employed persons which prepare audited accounts has been extended to 30th April 2012.

Double Taxation Treaty between Cyprus and Germany

The above Treaty came into force on 16 December 2011. The provisions of the Treaty apply with respect to tax withheld at source on income received or credited on or after 1 January 2012 as well as with respect to other tax on income of any fiscal year beginning on or after 1 January 2012.