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PKF Cyprus

A member of PKF International. A global family of legally independent firms.

Ιmportant clarifications on new legislation to support the Cyprus economy

Suspension of capital and interest installments on loans without interest compounding
Ιn addition to the suspension of capital and interest installments, compounding of interest will not be applied to loans that fall under the provisions of the relevant Decree and for which a suspension will be made upon expression of interest by the beneficiary.
Beneficiaries who are currently fully fulfilling their obligations in loan installments have the right to apply to the bank with which they cooperate until June 30, 2020.

Partial Work Suspension Plan
For the implementation of the Partial Work Suspension Plan in the calculation of the reduction beyond 25% of the company’s turnover, the operations carried out after March 16, 2020, and not from March 1, will be taken into account, as mentioned in the previous plan.

Complete Work Suspension Plan
Companies whose activities are directly related to the activities of companies that are in complete suspension of their work in accordance with the Decrees of the Minister of Health and are subject to a reduction of more than 80% of the company’s turnover, will be included in the plan

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