Cypriot Tax Amnesty Extended Into 2005
The Cypriot government has decided to extend a tax amnesty on undeclared bank accounts and foreign
investments beyond January 2005 with the scheme having brought in some £40
million in extra revenues.
The measure to extend the scheme until the end of February received the approval
of the House of Representatives last week, cementing into place a bill proposed
but DIKO deputy Aristos Chrysostomou. Under the new bill, the 5% levy, which was intiially in place on freshly declared
assets up to December 6, has now been extended to January 31. The tax rate will
then lift to 6.5% until February 28, 2005. According to local reports, after an initially slow take up, interest in the
amnesty has quickly gathered pace, and a reported GBP800 million in undeclared
assets has thus far been reported to the government, which looks set to break
its unofficial target of GBP50 million in tax revenues from the scheme.
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