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Thursday, February 2, 2023

Start sponsorship of companies and independently

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Start sponsorship of companies and independently

The Ministry of Finance informs that the gradual payment of the state sponsorship to companies and self-employed persons subject to VAT starts today, in order to cover rents, installments or other operating expenses.

The sponsorship process will be completed in early March and is expected to cover 30,000 businesses and self-employed.

All companies / self-employed persons subject to VAT, which fall under the “State Business and Self-Employed Sponsorship Scheme”, do not need to apply for this sponsorship .

It is reminded that the beneficiaries of the sponsorship are:

companies and self-employed persons subject to VAT, which show a decrease in their turnover in 2020 compared to 2019, at least 35%, due to the restrictive measures taken to address the COVID-19 pandemic. For companies and self-employed persons active in the field of Retail Trade, whose activity has been suspended or affected in January 2021, the comparison will be made with January 2020. New businesses and self-employed persons subject to VAT, active within of 2020 and showed a reduced turnover of at least 35%, compared to the corresponding average turnover of their economic activity in 2019.

It is noted that in the case of companies and self-employed persons active in the field of Retail Trade, whose activity was suspended or affected in January 2021, due to the restrictive measures taken to address the COVID-19 pandemic, takes place in January 2020.

The amount of the state sponsorship will be deposited directly in the bank account of each company, according to the data kept in the databases of the Tax Department.

For this purpose, those companies that have not previously notified the IBAN of their bank account to the Tax Department – for VAT purposes only – please do so as soon as possible by completing and sending the form T.F.1900 located in e-mail:

https://www.mof.gov.cy/mof/tax/taxdep.nsf/All/E74DEB22966128F1C22586680037D456?OpenDocument

The form must also be accompanied by a photocopy of the credit institution's certificate showing the name of the credit institution, the account holder / holder and the international account number (IBAN) at [email protected]

Objections regarding the amount of state sponsorship can be submitted to the e-mail [email protected]

Source: www.philenews.com

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