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Cyprus

Cyprus’ top 50 tax laggards (Update)

Tax department

By George Psyllides

Fifty people and companies, including developers and football clubs, owe the state over €163 million in taxes it emerged on Monday, following the leak of a confidential finance ministry list submitted to parliament.

The list includes first division clubs, developers, hoteliers and other businesses that owe the state between €1.5 million and €14.7 million – the highest amount.

The state has filed lawsuits against most and has made collection arrangements with others. Restrictions have also been placed on immovable property.

Nicosia football clubs Omonia and APOEL owe around €7 million and €6 million respectively. AEL of Limassol and Anorthosis Famagusta owe €2.2 million and €3.1 million respectively. The list includes a second entry for Anorthosis, which owes €2.4 million. All the clubs have made arrangements with the state for repayment of the amounts.

The state has also filed a lawsuit against APOEL and restrictions have been placed on property.

Included in the list is NK Shacolas Group LTD, which owes €6.8 million, Miltiades Neophytou LTD, €5.7 million, Athienitis developers, €4.2 million, Giovani developers, €3.6 million, Venus Rock Estates, €2 million, Aristo developers, €1.8 million, Pafilia, €1.7 million, and Christophoros Karayiannas and Son Ltd, €1.5 million.

The list does not include amounts which have been appealed nor the names of individuals and companies who have gone bankrupt or are under administration.

It was submitted after Green party MP Giorgos Perdikis accused Finance Minister Harris Georgiades of providing cover to tax evaders.

Perdikis had asked for the names of the people and companies who owed the most to the tax department.

Georgiades said it was a matter of confidentiality, clearly stipulated in tax legislation.

“Fully respecting the right of every MP to exercise critic, I consider the references unfair and excessive, especially when restrictions arise from legal provisions that parliament has passed,” Georgiades said in a letter accompanying the list.

Confidentiality can be lifted for reasons of public interest, the minister said, but the tax commissioner decided no such reason existed in relation with the MP’s request.

However, the law also afforded the minister the power to have the final say and allows him to give the list to the house president, exclusively for parliamentary oversight reasons, with the proviso that it would be handled confidentially and its publication would be avoided so as not to hurt public trust.

Link to the list [Greek only] here: lista.pdf (1)

1. R.X. Processing14, 747,554
2. Mediterranean Holiday Res LTD9, 750, 222
3. Omonia Football Club7, 034, 885
4. N. K. Shacolas-Holdings LTD6, 855, 827
5. APOEL Football club LTD6, 151, 892
6. Firmworth Finance and Investments LTD6, 088, 894
7. C.N.H. Ependysis Axias LTD5, 888, 806
8. Miltiades Neophytou C. E. & Developers 5, 753, 877
9. Chacholis Developers LTD5, 904, 677
10. K. Athienitis Con. Devel. Public Ltd4, 217, 999
11. A.C.L.N. LTD3, 994, 818
12. Tauler Consultants LTD3, 939, 268
13. Giovani Developers LTD3,650, 016
14. Renos Hadjioannou Farm LTD3, 600, 533
15. Kofinou Abbatoir3,196, 216
16. Anorthosis Football Club3, 146, 394
17. Olveron Investments LTD2, 876, 969
18. Suphire Securities and Fin. Serv. LTD2, 587, 647
19. Michalis D. Zavos Investments LTD2, 546, 936
20. C.T. Tobacco LTD2, 505, 596
21. Kleanthis Savva Developers LTD2, 457, 988
22. Anorthosis Ammochostos Football Club2, 456,042
23. Paphos Mediterran Hotels LTD2, 398, 537
24. Oikonomou Georgios2, 386, 926
25. CYEMS CO LTD2, 351, 329
26. Cyproperties Constructions LTD2, 293, 585
27. AEL Football Club2, 290, 948
28. Lagos Vaggelis2, 230, 708
29. Makrides Zacharias2, 222, 618
30. Marzen Holdings Company LTD2, 217, 942
31. Sigma –Severis & Athienitis Secu. LTD2, 182,032
32. Chacholis Development Operations LTD2,177, 463
33. UNISYS World Trade Inc.2, 152, 279
34. Zaquato LTD2, 120, 367
35. Venus Rock Estates LTD2, 068, 281
36. Global Value PLC1, 937, 586
37. Transport Investments Holdings LTD1, 929, 109
38. Omikron Bookmakers LTD1, 928, 299
39. Panos Eliades LTD1, 922, 292
40. A. & E. Transport LTD1,910, 685
41. Aristo Developments1, 835, 170
42. Starcloud Management LTD1, 786, 978
43. Alexandros Demetriou & Sons LTD1, 755, 027
44. Pafilia Property Developers LTD1, 747, 434
45. W Investments LTD1, 740, 771
46. M.K. Digital World (Cyprus) LTD1, 735, 549
47. D. Zavos Group Land & BLDG Develop.1, 609, 619
48. Gregoris Yiasemi & Sons Develop. LTD1, 583, 283
49. Christoforos Karayiannas & Son LTD1, 518, 283
50. Charalambou Filippos1, 488, 784

 

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