Under the Value Added Tax (Amending) Law of 2020 (L.24(I)/2020), the right of suspension of the obligation of payment of the VAT is conferred to the persons registered in the VAT Registry, whose specified taxation periods end on the 29th of February 2020, the 31st of March 2020 and the 30th of April 2020.
The right of suspension of payment of the VAT due is not applicable to the taxable persons who fall into the following codes of economic activities, as these appear on the Registration Certificate in the VAT Registry:
- 35111 (Production of electricity);
- 36001 (Collection and distribution of water (for water supply);
- 47111 (Groceries and supermarkets, mainly of food products);
- 47112 (Kiosks and minimarkets);
- 47191 (Retail sale of a variety of goods in department stores, of which foodstuff, beverages and tobacco are not predominant);
- 47211 (Retail sale of fruit and vegetables – fruit markets);
- 47221 (Retail sale of meat and meat products, including poultry);
- 47231 (Retail sale of fish, crustaceans and mollusks);
- 47241 (Retail sale of bread and of other bakery products);
- 47242 (Retail sale of confections);
- 7301 (Retail sale of fuel);
- 47411 (Retail sale of computers, peripheral equipment and software, including videogames);
- 47611 (Retail sale of books);
- 47621 (Retail sale of newspapers and stationery);
- 47651 (Retail sale of games and toys excluding videogames);
- 47731 (Pharmacies);
- 61101 (Cyprus Telecommunications Authority);
- 61201 (Internet services);
- 61301 (Satellite telecommunication services);
- 61901 (other telecommunication services excluding CYTA).
It is pointed out that, all taxable persons are still required to submit their tax return within the deadline, regardless of the economic activities code into which they fall.
It is noted that, taxable persons whose code of economic activities does not fall into the above categories, will be exempted from the imposition of additional tax and interest in accordance with article 45 (3) of the Law, provided they submit within the deadline their tax return and pay the tax due until the 10th of November 2020.