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Cypriot Tax Amnesty Extended Into 2005

by Lorys Charalambous, Tax-News.com, Cyprus

08 December 2004


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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