The Parliament of the Republic of Cyprus approved on 27th March 2020 the following:

COMPANIES

  1. For the Companies that were instructed by the decision of Board of Ministers and or the orders of the Ministry of Health are allowed to claim a special unemployment funding that can cover up to 90% of their employees and will equal up to 60% of their gross Salary. The remaining 10% that refers to the general directors, directors, shareholders and high-ranking Managers cannot make such claim, exempt in those cases that the Companies employees less than 10 employees. The applications can be made electronically at www.coronavirus.mlsi.gov.cy.
  2. For all other Companies that have suffered a 25% reduction of their Turnover can apply special unemployment funding of up to 75% of their staff if the number of employees is less than 50 and 60% for all other Companies.

The above schemes cover the period 16th March 2020 to 12th April 2020.

For further assistance and special terms that are applicable please contact us at info@ayca.com.cy.

SELF-EMPLOYED

In relation to the period 16th March 2020 to 12th April 2020 self-employed that were financially affected by the COVID-19 measures, can make a claim equal to 55% of their insurable emoluments with a maximum amount of EUR800.

Special Leave Allowance

For those parents that have children up to the age of 15 years old and have a Salary that does not exceed EUR2.500 or are included in the List of the Ministry of Health as high risk, or are under quarantine, or are in between the ages of 63 and 65, can follow the explanations and applications provided on www.coronavirus.mlsi.gov.cy.

GESY contributions

The planned increase on GeSY contributions scheduled for 31/3/2020 will apply for March 2020 emoluments and then suspended for 3 months, i.e. April, May and June 2020 that the existing GeSy rates will apply.

VAT

The filing of the VAT Returns for the periods ending February or March or April 2020 must be on time as per the current deadlines but you can arrange with the VAT Authorities an extension of the payment of VAT up to 10th November 2020. This does not apply for Companies that had no cash flow impact such as pharmacies, supermarkets etc.

VAT rates will remain the same.

TAX Returns

Extension of the filing deadline from 31ST March 2020 to 31st May 2020 for Companies and self-employed.

Annual Levy Extension of deadline for the payment to 31st December 2020.