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Cyprus has carried out a number of fiscal reforms under its economic adjustment program supported by an International Monetary Fund (IMF) loan.
In a report released following the fifth, sixth, and seventh reviews of the program, the IMF said that senior officials have been appointed to head the new unified tax department, a large taxpayer office has been established, and a new tax debt recovery plan is being implemented, including by exercising (on a pilot basis) new collection powers. These measures aim to improve the efficiency of the territory's revenue collection activities.
Looking ahead, the authorities have committed to complete the merger of the value-added tax and direct tax departments, strengthen the large taxpayers office, and develop a new tax procedure code, while making sure that revenue collections are protected during the integration of the tax departments, the IMF said.
The IMF on May 15, 2013, approved a three-year loan worth about EUR1bn (USD1.1bn) to support Cyprus's economic program. The completion of the fifth, sixth, and seventh reviews enables the disbursement of about EUR278.4m, which will bring total disbursements under the program to about EUR742.4m.
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