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17.05.2017 - 19: 04

MPs Cyprus consider changes to tax laws

To the Parliament of Cyprus submitted a bill amending the existing tax legislation.

In particular, taxpayers are required to file their tax returns electronically. The purpose of this step is to reduce bureaucratic load. The new bill also simplifies the administrative procedure for imposing a fine for non-payment of tax debts and for breaking the law and other accompanying documents.

Under the proposed bill, the tax authorities are not obliged to grant tax payers certificates. If the certificate is required for judicial purposes, in particular for an appeal, he must be issued within six months after the court decision. Validity of such a document is not limited.

The bill also provides for a penalty in cases where the violated international agreements and local legislation in the field ofinformation exchange

Among other things, also proposed penalty for non-payment of tax arrears within two months after the official date of payment in the amount of 5% of the amount of such debt.

If the competent authorities, that the person violates any applicable laws, they may impose a fine of not more than 20 thousand. Euro. This person will be notified previously and for five days may submit explanatory documents and to challenge the penalty. If a person refuses to pay the fine or not available, the case is referred to court. In this case, if the fine is able to successfully challenge, the entire amount paid will be refunded to the payer before.

It should be reminded that the deadline for filing tax returns in electronic form (via TAXISnet system) extended until 30 September 2017 years.

 

A source: Successful business

Tags: Cyprus Parliament, Laws, Taxes, Economy