Insider Economy Tax refunds for 2014 on the way

Tax refunds for 2014 on the way

Cyprus Tax Department refunds go directly to bank accounts following the installation of a modern electronic system that has put an end to the issuing of cheques.

Insiders told Phileleftheros that the most recent electronic refunds concerned taxes imposed in 2014. One insider specified that the Department has returned €1.5 million which was directly transferred to taxpayers’ bank accounts.

The reimbursement of taxes was based on criteria followed by the Department which also plans to clear 2017 taxes regarding special contribution for defense and interest. The Tax Department had long announced its intention to return taxes electronically to beneficiaries.

As a matter of fact, it had called on both natural and legal persons to proceed with the submission of relevant data enabling electronic tax returns.

The Tax Department deducts tax refunds from its revenue, and this makes it more flexible and more efficient. It basically has no restrictions now since the Department decides on its own over the amount of VAT refunds.

At the same time, delays in returning taxes to citizens and companies have been overcome – to some extent. Last year, the Tax Department refunded taxes amounting to €486.8 million.

Specifically, for the years 2015-2017 the state budget provided tax refunds of €711 million, of which €136.5 million related to direct taxes. In 2015, €224 million were refunded, of which €34 million were for direct taxes and the remaining for indirect ones. A budget of €228.5 million was included in 2016, of which €43.5 million were for direct taxes. Tax reimbursement in 2017 amounted to €209.7 million, of which €58 million concerned direct taxes.

In addition, electronic tax payments through JCCsmart began as of June 1, 2018. These concern provisional tax and income tax (excluding penalties) of natural persons and legal entities. Electronic payments can also be made for special defence contribution on interest, special levy on rentals, special defence contribution on interest received without deduction at source, and the extraordinary defence contribution from dividends.

 

Read more:

 

https://in-cyprus.com/church-receives-e8-2-million-as-vat-refund-from-the-state/

 

Top Stories

Bikes, gin and chickpeas on auction by Limassol customs

  Motorbikes, furniture, gin and bags of Egyptian chickpeas will go under the hammer on June 18 at the public warehouse of Limassol Customs. Notification of...

Karousos visits ancient monuments, urges public to explore Cyprus

  Transport Minister Yiannis Karousos marked today's reopening of museums, archaeological sites and monuments with a visit to Kolossi Castle and the archaeological sites of...

Erosion at Fig Tree Bay before start of tourist season (photos)

The sand is gone and rocks have emerged on Fig Tree Bay, one of the most popular beaches on the island as thousands of...

President hails today’s start of stage two of GHS as ‘historic’

President Nicos Anastasiades on Monday hailed today's start of phase two of the general health scheme (GHS) which covers inpatient care as historic. In a...

Families on foster parenting: “Our entire worldview has changed”

"When they brought the children they were very small. One was 5 1/2 months old and the other younger than 1 1/2 year; still...

Taste

Local cuisine: An introduction

Rich in fresh ingredients and tasty herbs, offers the very best of Mediterranean culinary delights. Head out to a tavern and feast on a...

Spiced lamb with beetroot salad and scented yoghurt

Lay the lamb on a tray, skin side down. Rub with crushed garlic, sprinkle with spices and ground pistachios, wrap in plastic wrap and...

Easy seafood pasta with white wine sauce

Ingredients: 2-3 tbsp olive oil 1 garlic clove, chopped 2-3 tablespoons of whipped cream 1/3 cup white wine 300g spaghetti, roughly broken 300-400g of...

Traditional salads that will blow your mind away

This traditional salads will make you actually love salads! Cyprus may be famous for souvla and kleftiko but if you try the traditional salads with...