The Tax Department has announced that as of the 2nd May 2017, all VAT registered businesses are obliged to prepare and submit their VAT declarations electronically. This can only be done via the TAXISnet portal. Therefore, all companies not registered must do so as soon as possible via the TAXISnet registration website (https://taxisnetreg.mof.gov.cy/).
Beware that the VAT TAXISnet registration is different from the Inland Revenue TAXISnet registration, and a separate registration is required.
Manual VAT declaration subtmission will NOT be accepted after the 2nd May 2017. Please contact us immediately to make sure you will be able to keep on submitting your VAT declarations and being TAX compliant.
VAT Penalties & Interest
VAT declarations that are NOT submitted on time are imposed a penalty of €51. Additionally, VAT liability NOT paid on time will be subject to a 10% penalty on the outstanding amount, plus a 4% p.a. interest charge.