by Jason Gorringe, Tax-News.com, London

14 July 2017

Cyprus’s Tax Department has released details of a tax amnesty, which entered into force on July 3, 2017.

The amnesty is open only to taxpayers who have filed all tax returns due by December 31, 2015, and paid (or arranged to pay) all taxes due as of January 1, 2016.

For the first two weeks, only those taxpayers who will pay all outstanding taxes in a lump sum will be able to make payment. After that, taxpayers will be invited to register with the Ariadni Gateway Portal to pay in installments.

Taxpayer’s who settle their debts with a lump sum payment under the amnesty will benefit from a 95 percent reduction in financial charges in addition to the tax due.

Those wishing to make a lump-sum payment must complete Form 2005E/2017 and submit it in person to the district tax office.