Cyprus Mail
Cyprus

Pay up or face sanctions, tax department warns

File photo. Nicosia tax office

The tax department has started sending letters to individuals and companies who owe large sums of money in VAT, including 100 with debts of over a million euros each, asking them to settle their dues or face sanctions, it emerged on Saturday.

The department warned that failure to settle the dues within 30 days would mean criminal prosecution.

Included in the 100 taxpayers are people and companies that owe several millions each, deputy tax commissioner Soteris Markides told the Cyprus News Agency.

Markides said the department’s priority in 2020 would be to collect tax debts and he urged taxpayers to settle their dues or make an arrangement if they are unable to do so.

Markides said the department is offering a repayment plan of up to 36 monthly instalments.

“The department’s intention is to prosecute those who do not respond within the 30-day timeframe,” he added.

He said the department has streamlined the process and could now prosecute more taxpayers in a shorter time.

Taxpayers who seek an arrangement after they are prosecuted would have to pay between 30 per cent and 50 per cent of their dues up front.

 


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