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Law passed allowing overdue taxes to be paid in instalments

The Inland Revenue Department

Parliament on Friday passed legislation affording people the opportunity to repay overdue taxes in monthly instalments.

The law concerns debts to VAT, immovable property, income tax, temporary defence contribution, capital gains tax, inheritance tax, stamp duty, and the temporary contribution in the public and private sectors.

Overdue debts under €100,000 can be paid in 54 monthly instalments whereas those exceeding €100,000 can be paid in 60 instalments.

The law also affords the tax commissioner the authority to decide on discounts, interest, and charges on a case by case basis.

MPs also passed an amendment, submitted by Akel, exempting people with undeclared money, deposits and transfers, that were located in Cyprus, or abroad, to the benefit of the same individuals or companies.

Akel MP Aristos Damianou said the proposal aimed to help those with debts to the state, who cannot repay them in a one-off payment because of the crisis.

Disy leader Averof Neophytou said he hoped the amendment would not annul the lawmaker’s intention to help those who really cannot pay.

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