The Cyprus Minister of Finance, Constantinos Petrides, has presented a new package of COVID-19 measures to support the economy. The main tax measures include:
- a reduction of the VAT rate from 9% to 5% for the period 1 July 2020 to 10 January 2021 for the catering, hotel, and tourist accommodation sectors;
- an extension of the deadline for the submission of the tax statement and payment by salaried persons to the end of October 2020; and
- an exemption from penalties for the non-timely submissi…