Insider Economy Set-offs on the rise

Set-offs on the rise

A total of €21.5 million set-offs between citizens’ dues to the state and obligations by the state to taxpayers were recorded over the first six months of 2019, according to an announcement by the Audit Office. The set-offs concerned some 7,500 cases.

The institution of set-offs was introduced in November 2013 with an overall recorded amount up until June 30, 2019 standing at €215,166,766.

Of the €215,166,766, an amount of €101,050,745 is for set-offs to the Tax Department, another €70,767,791 to the Social Insurance Fund, and €43,348,230 is for set-offs to other government departments or services.

Over the last two months of 2013, 27 set-offs amounted to a total of  €2,070,736. In 2014, there were 4,080 set-offs, amounting to €33,861,271. In 2015, 11,337 set-offs amounted to €38,190,434 and 13,308 set-offs in 2016 amounted to €33,823,085.

In 2017 set-offs increased to 14,210 and the overall amount was €34,799,552, while in 2018 they were 15,133 set-offs amounting to €50,912,961.

The first six months of 2019 recorded a total of 7,662 set-offs amounting to a total of €21,508,727.

But these could easily exceed €50 million, since most set-offs are usually carried out over the second half of the year and several more towards the end of the year.

 

Read more:

https://in-cyprus.com/40-of-taxpayers-paid-taxes-online-in-2018/

 

 

Top Stories

Where to get antigen rapid tests on Monday, 25 January

The Health Ministry announced the following antigen rapid test sites for Monday, 25 January 2021:   LIMASSOL Parking place Lidl supermarket, Limassol 08:30-16:30 Parking place Sklavenitis supermarket, Germasoyia...

130 new cases, three deaths announced on Sunday

The Health Ministry announced the death of three persons due to COVID-19. This raises the death toll from the virus in Cyprus to 186,...

-2 C on Troodos Mountain tonight

Tonight the weather will be mainly fine. Winds will be north-westerly to north-easterly, moderate, force 3 Beaufort. The sea will be slight to rough. The temperature...

Health Ministry to examine use of colchicine for COVID-19 patients

Regarding the use of colchicine to patients with COVID-19, due to relevant announcements made in Greece and Canada, the Advisory Committee of the Health...

Expert says lifting of all measures possible by March, if epidemiological figures allow it

Dr Petros Karayiannis, member of the Scientific Committee on the pandemic and Professor of Microbiology/Molecular Virology at the University of Nicosia Medical School has...

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...