Insider Economy Bill strengthening state's ability to collect taxes under review by Legal Services

Bill strengthening state’s ability to collect taxes under review by Legal Services

The Cyprus government is pushing ahead with measures that will strengthen its ability to collect compulsory contributions to state revenue in a bid to tackle tax evasion.

That’s why a relevant bill has already been drafted and sent to the Legal Services for a review, according to Phileleftheros.

One of the proposals makes it mandatory for all to file a tax return even if their income is not high enough to come under taxation brackets.

The tax declaration by either an employee or a self-employed person will continue to be filed electronically with Finance Minister Harris Georgiades explaining that this will help tax authorities to get a clear picture of Cyprus’ total population.

“This does not mean that there will be a tax burden for fellow citizens who do not have tax corresponding income, but the state will get a clear picture that will pave the way for better supervision,” the Minister said.

In addition, the draft bill provides that all businesses and providers of services and products will be required to install a special machine through which they will accept credit cards. However, consumers will still be able to pay in cash if they so wish.

At the same time, the government is looking into reforming the environmental protection tax as well, but this measure is still under review and it has not been included in the 2020 budget.

Phileleftheros has found out that the environmental protection tax will provide for increased taxation on energy consumption and energy products. And the money the state will be receiving from those polluting the environment will be passed on to workers through tax breaks.

The Finance Minister has said the ministry was positive in principle but no final decision has been taken so far.

However, Secretary-General of right-wing SEK union Andreas Matsas said the basis for this taxation has been set and provisions are there for tax relief of workers through the taxation on pollution.

 

Read more:

https://in-cyprus.com/tax-department-clears-out-old-accounts/

 

 

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