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New policy to fight tax debts in Cyprus

New policy to fight tax debts in Cyprus

Tags: Cyprus, Economy, Debts, Taxes

Minister of Finance of Cyprus Haris Georgiadis explained the new unified policy of the Tax Service regarding the collection of arrears. His statement, made in response to the request of the deputy of Parliament, Yorgos Perdikis, leads the business portal StockWatch.

This policy is based on three strategic principles. The first is the application of a unified approach to all taxes, regardless of the tax system in which they are assessed.

The second and third principles presuppose mandatory accounting of the tax history of each debtor. According to the second principle, those who generally follow the letter of the law and, in spite of temporary financial difficulties, are ready to seek a compromise to pay off their arrears, can expect that the authorities will meet halfway. It is also noted that the Tax Service gives debtors the opportunity to pay arrears in installments and with a partial write-off of fines and penalties.

The third principle applies to malicious defaulters and is that they will be applied to the full range of tools available to the Tax Service to combat tax evasion. The actions of the tax authorities are regulated by the relevant legislative framework (laws 80 (I) / 2014 and 81 (I) / 2014).

Among these tools - alienation of the existing property of debtors and repayment of debts due to their deposits. The Tax Service is also authorized to transfer the cases of non-payers to a civil and criminal court.

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