Cyprus Mail
Business Cyprus

Around €605mln in taxes owed to the state

The Inland Revenue Department

Around €605 million in overdue taxes was owed to the state in 2012, the auditor-general said, with over half concerning unpaid income tax.

According to Chrystalla Georghadji’s report, which she handed over to President Nicos Anastasiades on Friday, €392 million was owed to the income tax alone.

Around €110 million represented overdue defence tax paid by companies, the report said.

The total overdue amount was up in 2012 by €1.4 million.

Not included is the interest, which amounted to around €363 million on December 31, 2012 – €248 million was interest on overdue income tax.

According to the report, the inland revenue department has said that a large chunk of the amount, including interest – €366 million out of €968 million — should be written off because it was impossible to collect.

That amount concerned money owed by bankrupt individuals and companies, people who died, and others – individuals and companies – who did not have any movable or immovable property.

From the €392 million owed to the income tax, €301 million, or around 77 per cent, concerned companies, and some €59 million, or 15 per cent, the self-employed.

Around €128 million – 32.6 per cent – were taxes dating back to 2006 and earlier. Around 37 per cent, or €145 million, represented taxes imposed in 2012.

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