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House passes law for obligatory electronic submission of tax returns

The House plenum on Friday passed into law a bill providing for the obligatory electronic submission of tax forms.

The law is aimed at making taxing, but also taxpayers’ service more efficient. The obligatory submission of tax forms electronically will only apply to those whose income is taxable.

It simplifies the procedure for imposing an administrative fine in the event of failure to pay a tax due, allows the Tax Officer to impose an administrative fine in the event of breach of provisions of the basic law and any regulations.

The new law also stipulates that a person who continues to fail to pay an overdue tax two months after the deadline set, must be subject to a 5 per cent surcharge on the tax due, in addition to the pecuniary 5per cent charge of the due tax.

The law will begin to apply to 2017 tax returns. The current e-submissions deadline is usually July – end of April for paper filings – but as of next year when everyone must file electronically, the deadline might be pushed until September.

https://taxisnet.mof.gov.cy/displayWelcome.do


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