NewsLocalTax Department has access to 80,000 overseas bank accounts of Cypriot taxpayers

Tax Department has access to 80,000 overseas bank accounts of Cypriot taxpayers

The Tax Department has access to some 80,000 bank accounts of Cypriot taxpayers in 40 to 50 different countries including EU member states, the UK and USA.

This is what the Tax Department’s senior officer Sotiris Markides on Wednesday told the House Institutions Committee during a debate on declared assets by the President, Ministers and other officials.

“We know what deposits Cypriot citizens have overseas. The question is whether this information can be used for purposes beyond taxation,” he also said.

“These accounts which can be audited through alternative ways belong to citizens and not to companies,” he added.

The Department has a list of some 80,000 different overseas bank accounts belonging to Cypriots, he also said.

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