The Cypriot government has taken a little over CYP119 million (EUR203.9 million) in revenues from its recent tax amnesty scheme, Finance Minister Makis Keravnos has announced.
Making his announcement following a meeting with Andreas Theophilou, the Chairman of the Tax Declarations Office, Keravnos stated that the total revenue haul of CYP119.4 million has resulted from income declarations totalling around CYP2.5 billion, the Financial Mirror has reported.
Those coming forward under the first phase of the amnesty scheme, which lasted until January 31 2005, faced a tax of 5% on their declared income. This tax rate increased to 6.5% in the second phase, which lasted until the end of February.
Seeking to reassure taxpayers, Theophilou has stated that all records submitted by the public under the amnesty are due to be destroyed, with only a reference number and amount paid to be retained against taxpayers' names by the authorities.
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