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/

 

 

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