According to the new law passed by the Cyprus Parliament, persons and companies engaged in economic activity have the obligation to accept credit card payments. Failure to comply will result in penalties from the Tax Department, which may to reach up to € 2,000. It is worth noting that offenders can file an appeal with the Tax Officer within 30 days. According to the circular, the administrative fine is reduced by half when the offender pays the fine and proves they will purchase a terminal for accepting payment cards as a means of payment within 30 days.
It is worth noting that another decree is expected to be issued, which will determine the companies that will be required to install a terminal and accept payments by credit card.Click our recent alert for more information: https://assets.ey.com/content/dam/ey-sites/ey-com/en_cy/tax/09-20/taxnewsletter-amendmentstotheassesmentandcollectionoftaxeslaw.pdf
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