Refunds of 70 mln euro, 200 mln to be collected, Tax Commissioner tells CNA

Tax Commissioner Soteris Markides told CNA Thursday that more than 70 million euro was refunded as part of the intensive effort launched by the Tax Department in recent months to process outstanding tax returns, while more than 200 million euro are expected to be collected. Markides said that the Department’s goal is to process companies’ and individuals’ tax return statements by the end of 2023. In the last months, he pointed out, the Tax Department has started an intensive effort to process tax returns and that the work is achieved with automatic cross-checks electronically and with overtime work of the Department’s officers. Approximately 1.5 million taxes have been processed. In addition, he said that priority was given to clear the tax returns of companies, for the tax year 2020, since there is a deadline for submitting for the tax year 2021 on March 31, 2023. He said that in March they will begin processing the companies’ statements for the tax year 2020 while efforts are being made to clear the income statements from individuals for the tax years 2019-2021 within the next few weeks. Meanwhile, he said that on the TAXISnet system there is since May 2022 the Company Income Statement and Self-Employed with Accounts for the tax year 2021, which are available for submission with the closing date being March 31, 2023. He pointed out that it is the first time that the posting of the Returns was done in such a timely manner, so as to give enough time (10 months from the date of posting and 15 months from the end of the tax year) to taxpayers to comply with their tax obligations. Moreover, he said that the receipt of Company Income Returns for the tax year 2021 is still ongoing. So far, he added, around 50,000 Returns have been submitted and processed and about 1,000 Returns have been provisionally submitted. He added that for the 2020 tax year, approximately 90,000 income tax returns from companies have been received. Concluding, he said that this year again there will be a timely posting of the returns for employees and companies for the tax year 2022 in the TAXISnet system.

Source: Cyprus News Agency