ARTICLE
16 September 2020

Amendment To Procedures For Payment Of Stamp Duty.

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G. Vrikis & Associates Ltd

Contributor

G. Vrikis & Associates LLC is a rapidly expanding and prominent law firm in Cyprus. Established in 2015 by its managing partner, Mr. George Vrikis, the firm has been focused in providing high-level legal advice to its clients and expanding its international profile and clientele, while at the same time maintaining a prompt, proactive and family office-approach for its clients. The Firm has expanded to a second location in Limassol in 2019, with the addition of Mrs Christiana Kouppi as a Partner.
The Law Firm of G. Vrikis & Associates LLC would like to bring to your attention the recent change in the procedure of attaching stamp duties based on their value.
Cyprus Tax
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The Law Firm of G. Vrikis & Associates LLC would like to bring to your attention the recent change in the procedure of attaching stamp duties based on their value.

As of the 27th of July 2020, the procedure for affixing Stamp Duties changes based on their value, as indicated by the relevant announcement posted by the Tax Department. For the purposes of the new procedure, a new tool was published on the Tax Department's website called "Stamp Duty calculator" which can be found under the section Direct Taxation / Other Information / Stamp Duty Calculator.

The procedure for Stamp Duties that do NOT exceed 100 euros goes as follows:

  • The interested party calculates the stamp duties using the aforementioned Calculator.
  • Sends to the Tax Department the "Stamp Duty Calculation Form" that shows up following the calculation, via email.
  • Buys the stamp duties by pre-approved representatives (available at the Tax Department's website) NOT by the District Offices of the Tax Department.
  • Attaches and cancels the stamp with the same procedure that applies to fixed stamp duties (draw two diagonal lines over the stamp write the date of cancellation, and sign).

Please note that the above only apply in case of punctual attachment of stamp duties - within 30 days of signature/composition of the document.

In case of overdue attachment of stamp duties, the procedure that is followed is also the same that applies to fixed stamp duties (fine equal to the value of the stamp within the first 6 months of delay, after the 6-month deadline, the fine doubles)

The full procedure is available on the Tax Department's website, dated on the 26th of June 2020.

The procedure for Stamp Duties that do exceed 100 euros goes as follows:

  • The interested party calculates the stamp duties using the aforementioned Calculator.
  • Prints the "Stamp Duty Calculation Form" and submits it to the District Offices of the Tax Department for payment.
  • Presents the receipt of payment to the relevant Officer along with the documents that the stamp duties are attached on, who will cancel the documents.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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