News Local Official: Authorities poised to bust tax fraud ring

Official: Authorities poised to bust tax fraud ring

Authorities are a step before busting one of the biggest fraud networks involving VAT ever  caught in Cyprus, taxation commissioner Yiannis Tsangaris told the House Watchdog Committee on Thursday.

He said that the way the VAT system operates makes it easy for someone to become a millionaire and urged a speedy amendment to the law to ensure better checks.

Cyprus was one of the few states which has not changed the relevant law because it did not believe that “it would be preferred by crooks.”

At the moment, tax authorities are poised to bust a big VAT fraud ring dealing with transactions within the European Union, he added.

Tsangaris said that tax personnel were overstretched in their fight against tax evasion. He added that the tax department also had huge obligations vis-a-vis the OECD which are urgent because they affect Cyprus’ reputation. Cyprus is being monitored constantly and if it does not respond to the requirements then it will be presented as not being responsive to issues of transparency,

Cyprus was battling to exit the black list it was added to in 2014 and as a result cannot exchange information with other countries outside the EU, he said.

As regards tax evasion, he said that there are currently 3500 cases at the department which it cannot handle and has therefore prioritised. There are only five employees to check all of Nicosia, while the current legislation is not helpful, he added.

Top Stories

Republic delivers first dose of Pfizer vaccines to T/C community

The Cyprus Republic on Monday morning sent the first dose of 1000 Pfizer vaccines to the breakaway Turkish Cypriot community through the divided island’s...

Epidemiological indicators still below covid-19 safety levels

The epidemiological indicators in Cyprus are still below safety levels but the number of falling coronavirus test results recorded in recent days is encouraging, according...

Police issue 130 fines over breach of covid-19 restrictive measures

Police fined 127 individuals and 3 premises all across Cyprus over the past 24 hours for violations of COVID-19 measures. They had carried out a...

Cyprus President gets second dose of vaccine against covid-19

As vaccination against the coronavirus continues in Cyprus, President Nicos Anastasiades on Monday got the second dose of his vaccine. The President who said the...

Negative impact of lockdown on mental health of children, adolescents

The impact on mental health of children and adolescents from the coronavirus and protracted lockdown is very negative since these age groups are not...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...