Cyprus Mail

Tax department offers settlement in arrears

The tax department is currently processing some 6,000 applications concerning the settlement of taxes in arrears, with the amount concerned coming to just over €190 million.
According to the Cyprus News Agency, the latest data (up until December 12) show there are 5990 active applications for the settlement scheme.
This relates to €191.6m, which after exemptions and discounts, comes to €156m ending up in state coffers.
Under the scheme, people may choose to settle their debts by paying a single lump sum and benefit from a 95 per cent exemption from the additional financial charges imposed on them.
Alternatively, taxes in arrears can be paid in instalments. Overdue debts under €100,000 can be paid in 54 monthly instalments, whereas those exceeding €100,000 are paid in in 60 instalments. Taxpayers opting to pay in instalments benefit from up to a 50 per cent reduction in penalties, such as interest, depending on the due amount.
Those wishing to settle their overdue debts through the scheme, must have filed their tax returns until 2015.
The tax department is accepting applications for the scheme until January 3.

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