Tax update – May 2021

We would like to inform you that as per an  amending law that is effective as from 29 April 2021 the provisions of the Law Regulating the Settlement of Overdue Taxes  offering part relief from interest and penalties has been extended.

The Law gives the opportunity to companies and individuals that have experienced a decrease in their annual turnover by at least 25% in 2020 compared to 2019, due to business disruption caused by COVID–19 and have overdue taxes, to settle them through a regulated instalment scheme (via the Ariadne Government Portal) benefitting from part relief of interest and penalties due, but not of the tax due.

An application to enter the relief scheme must be submitted within 12 months up until 29 April 2022) provided that all tax returns due, are submitted before the application date and not later than 31 December 2021.

In addition, because of the COVID-19 instalments that have not been paid during March – December 2020, will not be taken into consideration when assessing the 5 delayed instalments as far it concerning the termination of an existing scheme.