EU in favor of Cyprus’ VAT postponement plan

The European Commission has approved a € 20 million VAT deferral system to help businesses affected by the coronavirus pandemic and the restrictions implemented to limit the spread of the virus.

A press release by Brussels on Tuesday stated that the plan was approved under a temporary national aid framework. Under this scheme, aid takes the form of VAT deferral, excluding interest and fines associated with the deferred amount.

The purpose of this scheme is to increase the liquidity of beneficiaries so that they can continue their activities during and after the pandemic. The Commission found that the Cyprus scheme was in line with the conditions set out in the temporary framework.

Assistance will be granted by June 30th and VAT payments will be postponed until June 2023.

The Commission concludes that measures are needed, appropriate and proportional to correct the serious turmoil in the economies of Member States, in accordance with the conditions set out in the provisional framework relating to the European Union’s National Assistance Regulations. I attached it.

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