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:
A charge of €100 and
under Article 50A (b) of the Assessment and Collection of Taxes Law No. 4/1978
charge of €200 for late submission
Legal action against the Directors of each Cyprus company
according to the provisions of the Law and Regulations.
note the last I.R.4A submission date for the tax year 2011 is Friday, the 9th May
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.
MINIMUM REQUIREMENTS TO REGISTER
The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.