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HOME  /  NEWS  /  “DECISIONS OF THE MINISTRY OF FINANCE UNDER THE CORONAVIRUS IMPACT SUPPORT PROGRAMME”

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“Decisions of the Ministry of Finance under the Coronavirus Impact Support Programme”

The Ministry of Finance announced that the following have been approved under the Coronavirus Impact Support Programmme: 

  1. The Bill providing for a temporary suspension (until the end of April 2020) of the obligation to file tax returns and pay VAT, provided that the taxable person pays the VAT amount due until 10 November 2020, when the total outflows in the last 12 months preceding the end of the specified tax period, have not exceeded 1 million euro.
  2.  The Bill providing for a reduction of the basic VAT rate from 19% to 17% over a two-month period from 1April 2020 ro 31 May 2020, as well as a reduction of the reduced VAT rate from 9% to 7% for a period of three and a half months, from 1 April 2020 to 15 July 2020.
  3. Temporary maintenance of contributions to the General Health System (gesy), of initial rates (from employees, employers, self-employed, income earners and the State as employer and third party), from 1 April 2020 until 31 May 2020 . For March, increased contributions will apply for all parties.
  4. Government recommendation to the Cyprus Energy Regularoty Authority for a universal reduction of the electricity bill rate by 10% for a period of 3 months.
  5. Temporary suspension of the process of divestments by KEDIPES for a period of 3 months.
  6. Extension of 3 months of the requirement to submit the necessary supporting documents from interested parties who have already applied for membership in the home planning scheme (Estia).