Income Tax

Interesting article on income tax obligations....

https://www.news.cyprus-property-buyers … 4T5yqCmUTk

Contrary to my own and popular belief CURRENTLY nobody is obligated to complete a tax return if they earn less than the €19500 per annum.. I personally have never been told not do so having submitted 4 returns so far - 2 manually at the tax office and 2 online via Taxisnet.... I suspect that they have done this as they and the their systems cannot cope with the levels of returns and I know from personal experience that they are seriously behind with processing return e.g it has taken almost 12months from tax return filing via Taxisnet for a return to be accepted. 

However its highly likely that it will become mandatory soon (as it has passed by cabinet)  for everyone to do so (as per the article) . Maybe the Finance Dept expects to be able to cope better when the systems are updated to cope with GESY payment collections via the tax returns and the Taxisnet online system,

This it seems may well be driven by the need to
1) collect taxes from everyone
2) reduce tax evasion
3) collect GESY contributions


Good luck all  - - its not difficult once youve done the first one, make a copy to refer to for the following years returns....... it takes 5-10 minutes to do it online