The island’s Tax Division will increase efforts aiming to place the brakes on tax evasion throughout the coming subsequent months. Actually, it can undertake a brand new tax coverage which is to provide the Division further weapons to place an finish to “black” cash, Phileleftheros reviews.
The brand new measures embrace a compulsory instalment of bank card receiving machines in order that money fee solely involves an finish. A decree issued by the Tax Commissioner will specify all firms or authorized entities that can be obliged to just accept bank card funds and people to be exempted.
Insiders informed Phileleftheros the draft decree offers that 75 enterprise sectors and authorized entities can be required to just accept bank card funds. These embrace sectors thought of to be of excessive tax danger – one thing that the Auditor Normal’s Workplace has repeatedly famous in annual reviews.
Amongst firms or entities that should settle for obligatory credit score, debit and pay as you go card funds are: regulation corporations, accounting workplaces, hospitals, dentists and companies specialising normally and specialist medical professions.
As well as, card funds will even apply to these offering human well being providers, to nurses caring for stay-at-home sufferers, and to people who take automobile of aged folks or with mental or bodily disabilities.
Bank cards must also be accepted in any respect nurseries and kindergartens, gyms, amusement parks, theme parks, betting and playing businesses, eating, leisure and leisure services in addition to hairdressing salons, based on the draft decree.
Additionally, by these offering motorized vehicle restore providers, plumbers and air con installations in addition to all retail companies.
After the decree is enforced, companies and entities ought to clearly inform prospects that they settle for fee by playing cards. And the particular terminal needs to be put in inside three months from the date of issuance of the related decree. The Tax Division’s accountability will embrace insoections and imposition of fines.
Within the meantime, ongoing debate on this subject which continued on Monday earlier than the Home Finance Committee once more failed to achieve frequent floor between the Tax Division and representatives of The Institute of Licensed Public Accountants of Cyprus.
Particularly, the accountants disagree with the decriminalisation of non-payment of tax and the 18-month interval for submitting revised tax returns. They need this era to be prolonged to 72 months.
The ICPAC additionally raises reservations over the invoice’s proposed unannounced on-the-spot inspection.
As well as, the ICPAC desires some 80,000 firms to be faraway from the Registrar, however the Tax Division disagrees as a result of these have both not filed tax returns or nonetheless owe taxes.
Auditor Normal: ‘Laws loopholes favour tax evasion by GHS docs’