Cyprus Mail
Letters Opinion

Electronic cash registers should be linked to the tax department

Perhaps Cyprus would like to join those EU countries that tackle money laundering and tax evasion?

As an example, requiring every retail outlet to have an approved electronic cash register that is data linked to the tax department and recording every sale and VAT charge automatically and in near real time.

Totally changes the playing field for a large number of tax evaders and enables easy reconciliation with tax returns. Brings in many hundreds of millions in “missing” taxes.

BW

AOO went a step further….

Even if not going as far as real time reporting, audited data should be filed on a regular basis from employers, and from all financial and commercial entities.

In Norway this is so comprehensive that tax return forms are reversed, ie they are produced by the tax authority based on such data and distributed electronically, allowing Norwegians to accept or to request changes that they are able to substantiate. This rarely happens and the process is super efficient.



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