A study on the level of chargeable income tax is in progress, as part of the tax reform in Cyprus, President Nikos Christodoulides said on Thursday.
TAXATION
The Independent Authority for Public Revenue (AADE) is establishing a special forces squad for tax and customs audits.
One in five property owners will pay a reduced Single Property Tax (ENFIA) this year.
The Single Property Tax (ENFIA) pay slips for approximately 7.3 million property and business owners have been posted on the myAADE digital portal for the financial year 2024.
Fines and surcharges will be reduced by up to 50% in the event that the taxpayer acknowledges their main debt.
More than 1,000 enterprises risk high fines that reach up to 20,000 euros each.
Employers in Cyprus are advocating for a comprehensive overhaul of the tax system, proposing significant changes aimed at boosting economic activity and competitiveness.
After many decades of endless queues, frustration and bickering, the end of the tax office – at least as we know it – has come.
The Independent Authority for Public Revenue (AADE) is tracing the money trail for thousands of properties that were either bought in full with cash or part of the price was paid in cash. At the same time, the target is 2,500 real estate cases with a year-end statute of limitations.
Taxpayers who choose to pay the total amount of their income tax dues this year in one lump sum by July 31 will secure a 3% discount, according to the amendment the National Economy and Finance Ministry submitted in Parliament.
The audit mechanism must complete each audit it undertakes within two years, according to new rules on the tax administration.
Taxpayers may now pay taxes, make appointments with the tax office, save all the necessary tax documents, and be updated on payment deadlines from their smartphones.
As of April 1, the reduced consumption tax on fuel in Cyprus will come to an end, reverting to 8.3 cents per liter for gasoline and 6.3 cents per liter for heating oil.
Taxpayers can now use foreign-issued bank cards to pay their taxes online, the Independent Authority for Public Revenue (AADE) has announced.
Taxpayers will now only communicate with the tax office digitally and via electronic messages.
The time is fast approaching when the online platforms for tax declarations and the payment of the ENFIA property tax will be activated, with ministry sources placing the first in the last week of March and the second in early April.
[nx_login_form]x
