Insider Economy Tax Department clears out old accounts

Tax Department clears out old accounts

The island’s Tax Department is clearing out old accounts so as to be “updated” with new obligations, according to insiders. That’s why it has returned mainly income tax amounting to €41.4 million to a total of 176,034 taxpayers over the past two years. Specifically, 3,524 taxpayers saw returns in their accounts amounting to €1.5 million. In addition, the department returned a total of €39.9 million to 172,510 pensioners.

Up until the end of July, taxes of €13.1 million had been returned to 56,964 individuals. Of these, 56,175 concerned retirees who received return taxes of €12.7 million while 789 self-employed taxpayers received a total of €393, 400.

Up until the tax year 2012, €3.5 million had been refunded to 12,183 taxpayers. Another 34,935 taxpayers were reimbursed with a total of €6.7 million for tax year 2013 and 7,535 persons received tax refunds of € 1.7 million for 2014. Another 912 persons received tax reimbursements of €421,600 for 2015 and 1,032 taxpayers got refunded with a total of €463,500 for 2016.

For fiscal year 2017, the total amount of €103,100 was refunded to 205 taxpayers, another 140 taxpayers received a total of € 77,400 for the tax year 2018. For fiscal year 2019, 22 taxpayers have been refunded with €6,900 thousand up until July.

In 2018, total refunds amounted to €13.3 million and were granted to 58,572 taxpayers, 57,335 of whom were pensioners receiving €12.8 million. The remaining 1,237 were self-employed persons who received tax refunds of a total of €518,100. Specifically, 52,122 taxpayers were reimbursed with €10.4 million for the year 2012. Another 1,438 taxpayers got €562,900 for 2013, 1,484 persons got a total of €494,300 for 2014. For the fiscal year 2015 there was a refund to 1,555 taxpayers amounting to €547,900. In 2016, the income tax return covered 1,498 payers and amounted to €571,400.

Refund tax for 2017 went to 397 payers who got a total €647,400.  For the tax year 2018, 78 persons got returns totalling €48,900.

Read more:

 

https://in-cyprus.com/some-20000-electronic-tax-returns-filed-within-a-week/

 

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