News Local State is facing difficulties in collecting 6 in 10 euro in taxes

State is facing difficulties in collecting 6 in 10 euro in taxes

The state is facing difficulties in collecting 63% of taxes already in arrears, mainly due to the fact that it cannot identify tax-payers, Phileleftheros reported today.

 

This amounts to €1.54 billion, according to a Tax Department report for the first quarter of fiscal year 2018.

How does the amount break down:

  • €32 million from 9,965 taxpayers will not be collected as they either moved abroad or are deceased.
  • €635.4 million in direct taxation will not be collected as taxpayers have proceeded in making appeals and/or objections.
  • €478.3 million in direct taxation owed by 20,000 taxpayers will not be collected as they went bankrupt.
  • Tax Department faces difficulties in collecting  €253.1 million from 3,385 taxpayers as they have no funds, no assets to liquefy, no access to loans and no other sources of income.
  • €112,.2 million from 15,519 taxpayers will not be collected as they have been removed from the tax register.

 

 

Read more:

https://in-cyprus.com/news/local/state-failing-in-tax-collection/

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