Minister of Finance issued a decree extending further the deadline for submission of direct tax returns Issue N-7-2020

In brief

The Minister of Finance issued on 22 May 2020 a decree, replacing the Minister of Finance decree issued on 9 April 2020, extending further the deadlines for submission of direct tax returns, further to the amendment of the Assessment & Collection of Taxes Law published in the Cyprus Government Gazette on 27 March 2020.

In detail

Corporate tax return (T.D.4) The deadline for electronic submission of the 2018 corporate tax return (T.D.4) has been extended until 30 June 2020 at 23:59.

‘Self-employed’ whose annual turnover exceeds €70.000 (T.D.1 self-employed)

The deadline for electronic submission of the 2018 income tax return of ‘self-employed’ individuals whose annual turnover exceeds €70.000 and who have an obligation to prepare audited financial statements (i.e. those individuals completing form ‘T.D.1. self-employed’) has been extended until 30 June 2020 at 23:59.

The takeaway

This extension of deadlines is part of the measures taken by the Government to support businesses during these difficult times due to the COVID-19 outbreak.