Cyprus: On the Verge of Disclosing an Extensive Fraudulent VAT Scheme

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The Cyprus Tax Department states that its employees are in the process of disclosing one of the most ambitious EU schemes related to VAT manipulations through the island’s tax system.

It was also announced that Cyprus tax legislation in the field of VAT needs to be amended and changed since today, as the manipulation of such tax schemes with VAT is the easiest and shortest path to the multimillion-dollar wealth.