Cyprus Mail

€156m in VAT owed by 242 entities

By Staff Reporter

Of the €400m due to the state in unpaid VAT, the lion’s share – €156m – is owed by a tiny minority of just 242 entities, MPs were told yesterday.

According to finance ministry data presented in parliament, as of December 31, 2013 the VAT service is owed €421m.

The total number of VAT dodgers is 23,860, of which 242 businesses/persons owe amounts over €100,000 which, added up, come to €156m.

Next on the rung, a total of 227 businesses/persons owe amounts between €50,000 and €100,000, cumulatively coming to €16.2m.

The majority owed smaller amounts, ranging from less than €100 up to €50,000.

In addition to VAT arrears, the state is owed €525m in unpaid income tax.

In a bid to improve tax collection – a condition set by Cyprus’ international lenders – new legislation has been prepared giving the taxman sweeping powers, including the right to seize debtors’ bank accounts as well as immovable assets and prevent debtors from selling or transferring real estate until they settle their dues.

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