Ministry of Finance Announcement in Greek with English summarized translation

The March 18th Announcement of the Ministry of Finance with regards to the Financial Support Measures is summarized as follows:

The following legislative measures were approved:

1 .Legislation that provides for temporary suspension of the obligation to submit Income Tax Statement and VAT payments  until the end of April 2020, under the condition that the specific Tax Subject will submit the due VAT amount by November 10th 2020, when the total outflows for the last 12 months preceding the end of the predefined tax period do not exceed 1 million euro.

2. Legislation that provides for a decrease of the basic VAT component from 19% to 17% for a period of two months from 1st April 2020 until 31st May 2020, as well as of the reduced VAT component, which is decreased from 9% to 7% for a period of 3.5 months from April 1st 2020 to July 15th 2020.

 3. Provisional maintenance of contributions to the General Health System, with initial rates (from employees, employers, self-employed, income earners and the State as employer and third party), from 1st  April 2020 to 31st  May 2020. For March 2020, increased contributions will apply to all parties.

4. Recommendation from the Government to the Cyprus Energy Regulatory Authority for a universal reduction of the electricity billing rate by 10% for a period of 3 months.

5. Temporary Suspension of the foreclosure process from KEDIPES (https://kedipes.com.cy/) for a period of 3 months

6. Extension for 3 months of the requirement to submit the necessary supporting documents from interested parties who have already applied for enrolment in the “ESTIA ” Scheme.

The full official document in Greek can be read here 18032020_Ministry of Finance Announcement. Once the announcement is available in English it will be attached.

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