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  • Maria Pavlou

Relief from interest and penalties on overdue taxes for tax years 2016 – 2019

An amending law was published in the Government Gazette which extends the provisions of the Law Regulating the Settlement of Overdue Taxes , offering part relief from interest and penalties.

The amending law gives the opportunity to companies and individuals that have overdue taxes, to settle them through a regulated instalment scheme (via Ariadne ) and benefit an amount of interest and penalties due.

These provisions are effective from 29 April 2021.

To enter the scheme the following conditions must apply:

  • Companies and self-employed individuals subject to VAT and;

  • Companies and self-employed individuals exempt from the obligation to register for VAT

that have experienced a decrease in their annual turnover by at least 25% in 2020 compared to 2019, due to business disruption caused by COVID–19.

An application to enter the scheme must be submitted up until 29 April 2022 provided that all tax returns due, are submitted before the application date and not later than 31 December 2021.

In case a taxpayer fails to pay 5 installments, the scheme is terminated.

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