{"id":7818,"date":"2024-04-11T21:00:21","date_gmt":"2024-04-11T18:00:21","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=7818"},"modified":"2024-04-11T21:00:21","modified_gmt":"2024-04-11T18:00:21","slug":"tax-department-reports-e700-million-increase-in-collections","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=7818","title":{"rendered":"Tax Department reports , \u20ac700 million increase in collections"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/04\/tax-department-reports-e700-million-increase-in-collections.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>Last year authorities collected \u20ac700 million in taxes more than they did in 2022, the Tax Department said on Thursday, while conceding there was room for improvement.<\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-786692915\">\n<div id=\"cypru-1096609571\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-9682158277756-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>Tax Commissioner Sotiris Markidis told MPs that in 2023 they collected a total of \u20ac6.7 billion in taxes \u2013 compared to \u20ac6 billion in 2022.<br \/>\n\u201cWhereas it\u2019s true that the economy did better [in 2023] and we also had a rise in prices, a percentage of this increase in taxes collected should be credited to the Tax Department and the new mechanism,\u201d the official said.<br \/>\nMarkidis said a new software system, expected to be fully installed by 2025, should improve collectability of taxes going forward.<br \/>\nThe discussion in parliament took place a week after the auditor-general released his report on the Tax Department for fiscal year 2022, showing that the state is owed \u20ac2.5 billion in taxes \u2013 of <strong>which \u20ac1.1 billion deemed doubtful as to whether it can be collected.<\/strong><br \/>\nDespite Markidis\u2019 assertions that tax authorities are doing the best they can, Auditor-General Odysseas Michaelides pushed back.<br \/>\nThe audit boss acknowledged that in the last couple of years there has been a marked decline in pending taxes. But confronting Markidis, he claimed that the Tax Department has cleared hundreds of thousands of tax returns without proper checks \u2013 relying just on the declarations of taxpayers.<br \/>\n\u201cHe [Markidis] clears tax returns en masse,\u201d Michaelides quipped.<br \/>\nResponding, the Tax Commissioner called this an oversimplification: \u201cWe don\u2019t just push a button.\u201d<br \/>\nPressing on, the auditor-general cited cases of companies which despite \u2013 based on VAT data \u2013 appearing to be active, do not file tax returns. He urged the Tax Department to train its sights on such \u2018high-risk\u2019 companies.<br \/>\nComing back to the issue of automation, Markidis insisted the department lacks the adequate tech.<br \/>\n\u201cWe\u2019ve got 300,000 taxpayers, plus another 100,000 companies. If you don\u2019t have modern computer systems, you can\u2019t do your job as you\u2019d like to.\u201d<br \/>\nThe existing computer system \u2013 worth some \u20ac30 million \u2013 used by the department is adequate for indirect taxation purposes.<br \/>\nBy 2025, Markidis said, \u201cI hope that we can complete the deployment of the new system.\u201d<br \/>\nDefending his department\u2019s performance, the official noted that they have imposed an additional \u20ac500 million in taxes while giving out \u20ac150 million in tax rebates to individuals and corporates.<br \/>\nThe tax czar said the department has cleared about 2.2 million tax declarations, managing to bring clearance up to the year 2021.<br \/>\nStronger deterrence for tax laggards is imperative, Markidis said.<br \/>\n\u201cPenalties must be more deterrent\u2026for instance whenever a company does not file a tax return on time, it should automatically get slapped with a \u20ac100 fine.\u201d<br \/>\nIn comments later, Akel MP Irini Charalambidou stressed that computerisation \u201cis the end all and be all\u201d for authorities.<br \/>\n\u201cAt long last, this state needs to be modernised, so that by entering an identity card number the relevant departments can find all the necessary information,\u201d she said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Authorities collected \u20ac700 million more in taxes in 2023 compared to 2022, totaling \u20ac6.7 billion. The state is owed \u20ac2.5 billion in taxes, with \u20ac1.1 billion deemed doubtful as to whether it can be collected. The Tax Department is implementing a new software system to improve tax collectability by 2025. The department has imposed an additional \u20ac500 million in taxes and cleared about 2.2 million tax declarations. Penalties for tax laggards need to be more deterrent, according to Tax Commissioner Sotiris Markidis.<\/p>\n","protected":false},"author":3,"featured_media":7819,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[1521,671,6038,1002,33,3,2369,2190,26,5576,250,3330,4407,1823,3331,243,1799,2946,3138,1033,4768,4620,4054,4987,1065,4733,2292,5799,4738,1183],"class_list":["post-7818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-1521","tag-akel","tag-automation","tag-checks","tag-companies","tag-cyprus","tag-data","tag-decline","tag-economy","tag-fine","tag-google","tag-google-news","tag-hope","tag-increase","tag-news","tag-odysseas-michaelides","tag-parliament","tag-penalties","tag-performance","tag-prices","tag-rebates","tag-report","tag-risk","tag-software","tag-tax","tag-tax-collection","tag-tax-department","tag-tax-returns","tag-taxation","tag-taxes"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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