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Cyprus: VAT and IRD to merge into single tax body

As announced in November of this year, the Cypriot government has created a single tax authority as part of a number of structural changes aimed at streamlining public administration.

 
PRLog - Jan. 7, 2014 - NICOSIA, Cyprus -- This decision involves the integration of the VAT service with the Inland Revenue Department (IRD), but also the strengthening of the legal framework as well as simplifying procedures and optimising IT systems. This movement comes as a wider objective to modernize the collection of taxes process.

The final draft of the relevant law, which is currently being discussed with an International Monetary Fund team, is expected to be submitted to the cabinet for approval by the end of the year.

According to the terms of the international bail in, Cyprus must “reform the revenue administration with the objective to reinforce the efficiency and effectiveness of revenue collection capacity and the fight against tax fraud and evasion, with a view to increasing fiscal revenue”, the ministry clarifies.

The mentioned reforms include both short-term measures to enhance compliance, efficiency and effectiveness as well as long-term measures covering risk management and the establishment of a new integrated function-based tax administration structure, integrating the existing IRD and VAT services. Short-term measures include enacting legislation to enhance tax collection and voluntary compliance by attributing personal responsibility for payment of company taxes, harmonising legislation among tax types so that not paying taxes is a criminal offense, and strengthening powers by the tax authorities to ensure payment of outstanding tax obligations.

Contact
Charles Savva
0035722516671
info@savvacyprus.com

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Source:C Savva & Associates Ltd
City/Town:Nicosia - Nicosia - Cyprus
Industry:Finance, Government
Tags:cyprus, vat, tax
Shortcut:prlog.org/12264235
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