The new tax bill will give sweeping powers to the Cyprus Inland Revenue Department

The new tax bill will give sweeping powers to the Cyprus Inland Revenue Department

The bill, amending the core tax law of 1962, has been submitted to parliament, and its passage is a precondition for the release of the next bailout tranche by Cyprus’ international lenders.

 

Under its provisions, the director of the Inland Revenue Department (IRD) – which by law has been merged with the VAT service – is empowered, having first secured a written consent from the Attorney-general, to request banks to freeze an amount in the holder’s account corresponding to what the person owes in taxes, including interest and late penalty fees. The frozen amount will be transferred to tax authorities.

 

A person has the right to appeal the action, in which case the IRD director must decide on the appeal within 15 days. Alternatively, an individual may take to the courts to have their frozen funds released.

 

The bill aims to strengthen powers by the tax authorities to ensure payment of outstanding tax obligations.

 

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