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17.07.2017 - 11: 17

The inhabitants of Cyprus rushed to pay off their taxes with 95% discount

The Cyprus Tax Service collected 11 million arrears a week after the new scheme for paying off tax arrears began to operate. Around 500 individuals and legal entities took the opportunity at one time to pay the entire amount of debt and get 95% "discount" on all the fines and penalties that are due.

Most of these 500 applications concern the payment of tax on unregistered real estate and income tax.

In addition, starting July 17, the Tax Service starts accepting applications from those taxpayers who want to repay the outstanding debt in installments. The scheme covers VAT, property tax, income tax, special defense contribution, capital gains tax, inheritance tax, stamp duty and temporary fees in the public and private sectors.

Recall that a debt of up to 100 thousand euros can be repaid by 54 monthly installments, and over 100 thousand - 60 installments. At the same time, up to 50% of the amount of accrued fines and penalties is written off. To participate in the scheme it is necessary to file tax documents for 2015 year. Applications will be accepted until 2 October.

It should be noted that the tax arrears in the Republic of Cyprus exceed one billion euros. In the near future, within the government portal Ariadni should earn section, Where tax arrears can be paid online.

A source: Successful business

Tags: Cyprus, Taxes, Economics, Debts