Insider Business Tax on performances, cultural events

Tax on performances, cultural events

The Tax Department is trying to classify events and performances of a cultural nature in a bid to cover gaps that lead to loss of state revenue, Phileleftheros reports.

The new state of play provides that any individual who intends to organise a cultural event must submit a specific declaration form to the Department at least one month in advance and also pay the amount specified by the Tax Commissioner within 30 days.

The gaps had been identified by Auditor General Odysseas Michaelides and noted in his annual audit reports.

Specifically, the 2018 annual report said: “There is no comprehensive IT support for the relevant taxation and this results in an inability to impose tax on profits of performers or of other related professionals through the IT system, making it difficult and/or impossible to monitor and/or download any legal measures against those who do not comply with the relevant legislation.”

Information to be filled in for performances or cultural events is divided into six sections. The first concerns the expected date of the event, the second with the full name of the organisers of the event and the third with the tax identification number of the event’s organisers.

The fourth section demands the signature of the individual who intends to organise the event and who is liable to pay the tax due in accordance with the Commissioner’s directive within 30 days.

The fifth section determines the tax due. Estimated revenue should indicate the amount of total revenue expected to be generated from an event either on the basis of the number of tickets up for sale or on other information if tickets are not going to be issued.

The sixth section states that, whatever the case, the contract signed between the organiser of the event and the performer or the company representing the performer must be presented.

 

Read more:

https://in-cyprus.com/100-taxpayers-owe-more-than-e1m-each-in-vat/

 

 

 

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