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.
.
Network Tweets Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment