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Deadline for social insurance payments

ONLINE payments of social insurance contributions can be made up to midnight of December 31, Social Insurance head Theophanis Tryphonos said.

He added that those who failed to fulfill their obligations to the fund by year-end “face a steep fine of up to 27 per cent on the total amount owed.”

The fine for late payment of 2012 contributions currently stands at 3.0 per cent – if settled by December 31st.

However, any outstanding 2012 payments running due as of 2014 will also fall under the ‘27 per cent’ rule.

Tryphonos clarified, however, that “citizens who face severe difficulty in paying may request an extension of up to two months.”

“Many people rush  to settle their 2013 dues at the last minute to benefit from the amendment in the social insurance law which waives the higher fines on late payment,” Tryphonos said. “This waiver expires as of January 1st, 2014.”

The social insurance legislation stipulates that contributions must be paid into the fund no later than one month after each expiring month.

Following this deadline, late payments will bear a 3.0 per cent hike for each full late month, with a maximum total contribution hike of 27 per cent.

However, amending legislation was passed by parliament in November 2013 in response to the hit on the Cyprus economy caused by the March Eurogroup decisions, suspending implementation of the above rules on 2013 contributions until  January 1, 2014.

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