The administrative penalties apply to all Cyprus Income Tax Laws and they will apply from 1 October 2011.

– Delay in the submission of tax returns will be subjected to €100 penalty

– Failure or delay in submission of returns with the Inland Revenue Dept in accordance with the tax deadlines and failure to comply within the specified period with the written notice for compliance issued afterwards by the Commissioner of the Inland Revenue will be subjected to €200 penalty.

– Failure or delay in submission of information requested by the Commissioner within the specified period will be subjected to €200 penalty.

– Failure to pay the due or withheld taxes in accordance with the tax deadlines as set by the Inland Revenue Dept will result in additional tax equal to 5% of the tax due.