Further reminder of instalment scheme for tax arrears

Eligibility for inclusion
Necessary conditions
Submitting an application
Payments


With the extended deadline of January 3 2018 for the submission of applications for inclusion in the deferred settlement scheme for tax arrears established by Law 4(I)/2017 now less than one month away, the Tax Department has issued a further reminder of the scheme's main features.

Eligibility for inclusion

Debts in respect of assessed tax arrears for tax years up to and including 2015 are eligible for the scheme.

Necessary conditions

All tax returns due must have been submitted and all tax liabilities for periods after December 31 2015 must have been settled or be in the process of being settled in accordance with an agreed payment schedule.

Submitting an application

Requests must be submitted via the government's Ariadne internet portal by:

• creating and activating a profile on the portal; and
• registering with the portal's tax section using a tax identification number (for individuals) or tax or value added tax registration details (for companies).

Payments

Payments can only be made electronically via the internet banking services of participating banks. A separate payment code is provided by these banks for each instalment. However, the arrangement will be cancelled if:

• the first instalment is not paid by the due date;
• payment of an instalment is less than the amount due; or
• the debtor misses three instalments after the first instalment has been paid.

For further information on this topic please contact Philippos Aristotelous at Elias Neocleous & Co LLC by telephone (+357 25 110 110) or email ([email protected]). The Elias Neocleous & Co LLC website can be accessed at www.neo.law.