Cyprus to crack down on businesses potentially evading tax

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The Deputy Tax Commissioner on behalf of the Cyprus tax department has started a month long campaign aimed to investigate all companies operating without an approved cash registers or with filed balace sheets that show discrepancies. The scheme will mainly affect around 400 tourism-related businesses in Cyprus, who will be chosen based on those not handing out receipts as part of standard protocol. The inspections are part of the department’s new tactical development which aims to grow voluntary tax compliance and will resume in September.