Explaining the legislation’s scope and provisions, Tax Commissioner Yiannis Tsangaris said it would give a much-needed boost to the state’s tax collection ability.

It would additionally streamline the keeping of records which Tsangaris described as “chaotic”.

He was speaking at the House finance committee, where MPs got a first look at the bill.

Among others, the bill provides that failure to pay taxes is classed as a crime.

Tsangaris clarified that, up until now, failure to file a tax return is a criminal offence – but the non-payment of taxes is not.

Also, the new legislation stipulates that any person with an income will be required to file a tax return electronically.

Additionally, taxpayers will be afforded the opportunity to file a revised tax return – as they are now – but must do so within a fixed timetable.

Under the bill, tax refunds are prohibited where a person is delinquent on his or her VAT obligations.

What’s more, tax inspectors will be legally authorised to gain entry into any premises without prior notice.

And virtually all businesses operating in the territory controlled by the Republic will be required to accept credit card payments. A decree will designate which businesses must possess a credit card machine.

Source: Cyprus Mail