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Back in April 2020, the Ministry for Finance and Financial Services had announced the extension of the tax deferral scheme to additionally cover taxes owed up to June 2020.
Back in April 2020, the Ministry for Finance and Financial
Services had announced the extension of the tax deferral scheme to
additionally cover taxes owed up to June 2020. This essentially
means that eligible businesses have been given the opportunity to
avail of an aggregate four-month postponement of their VAT,
provisional tax and employee taxes (March - June 2020).
On the 25th of May 2020, the Commissioner for Revenue issued
clarification relative to the settlement period for the taxes
deferred for the months of May and June 2020. In this respect, the
deadline for settlement of the eligible taxes due for the latter
months, is the 31st October 2020. It is important to note, that
whilst the extended measures will seek to postpone any tax payments
falling due within the months of May and June 2020, no deferment is
likewise applicable to the submission deadlines of tax forms as
established by the relevant laws.
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.