After many decades of endless queues, frustration and bickering, the end of the tax office – at least as we know it – has come.
TAXATION
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.
Millions of bank accounts of taxpayers and companies will soon be targeted by the tax authorities, with the use of the new system which will scan all their movements.
About 1,500 taxpayers have received emails asking them to justify to the tax administration the huge differences that arise between their declared taxable income and expenses that they seem to have incurred.
Tax audit reports have improved recently and leave no room for tax evaders to request the cancellation of an audit for formalities.
The high fees for card transactions whether through POS or e-commerce are an international problem that has mobilized the relevant regulatory authorities.
The sanitization of the real estate market and the prevention of the gray economy in construction have been sacrificed to the growing problem of housing and the need to increase investments – at least for the next two years.
The tax revenue’s page for filing the Real Estate Declaration Forms (E9) for the year 2024 will not be available on Saturday up to 3 p.m.
The Economy and Finance Ministry has submitted to Parliament a draft taxation bill that foresees the establishment of a minimum tax rate of 15% for large multinational companies as well as large Greek groups.
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