Cyprus Implements New Tax Filing Requirements for Individuals

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The Cyprus’ Council of Ministers has tabled a draft Bill obliging all residents to file tax declarations, albeit if their financial income is below the EUR €19,500 annual exemption limit.

Individuals failure to pay tax will now become a criminal offence, whereby all businesses are privy to new regulations such as a mandatory permit enabling clients the choice of paying by card. The draft Bill is waiting to be bestowed to the Nicosia parliament for approval.