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Cyprus: Inland Revenue Department set to take legal action

06 May 2014   (0 Comments)
Posted by: Author: Charles Savva
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Author: Charles Savva (Savva & Associates)

Inland Revenue Department set to take legal action against Cyprus companies with unfiled tax returns.

An urgent update from the Cyprus tax office affecting all Cyprus companies who have not submitted their annual tax returns up to the year 2011.

As per the Notification by the Cyprus Tax Authorities, legal persons who have not submitted an Income Tax return (for I.R.4A) for the tax year 2011, are instructed to do so without any delay.  The notification states that non-compliance under Article 50A (a) of the Assessment and Collection of Taxes Law No. 4/1978 as amended, triggers:

  1. A charge of €100 and under Article 50A (b) of the Assessment and Collection of Taxes Law No. 4/1978 as amended
  2. A charge of €200 for late submission
  3. Legal action against the Directors of each Cyprus company according to the provisions of the Law and Regulations.

Please note the last I.R.4A submission date for the tax year 2011 is Friday, the 9th May 2014.

This article first appeared on savvacyprus.com.


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