The House of Parliament voted for the extension until 31 October 2012 of the validity of the Law 160(Ι) of 2011, which provides for settlement of tax liabilities for the years up to 2008 with a penalty of 5% only (http://www.httaudit.com.cy/index.php/component/k2/item/39-interest-and-penalties-on-tax-liability) at 29 March 2012.

In addition and on the same day, the Director of Inland Revenue announced that the deadlines for the submission of the following reports through Taxisnet have been extended:

•  2010 tax return of self-employed individuals that are obliged to prepare audited accounts until 30 April 2012.
•  2010 tax return of companies until 31 May 2012.