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House to vote on tax bill

Inland Revenue Department

The House finance committee on Monday discussed a bill extending a scheme allowing businesses to pay overdue taxes through installments if they saw a 25 per cent reduction in turnover.

The plan concerns the four years, 2016 to 2019, committee chairwoman, Diko MP, Christiana Erotokritou said.

Erotokritou said discussion and consultations with the finance ministry and the tax department have finished and the bill will be put to the vote on Thursday.

The bill would also allow taxpayers to enter the scheme within 12 months, provided they have been hurt by the pandemic.

The Diko MP said a1 similar scheme that applied for overdue taxes until 2015 had been successful as the vast majority of the people who entered met their obligations.

MPs heard there was only a small number of delinquents who had not complied with the conditions of the scheme.

 

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