24/02/2015 10:17
Cyprus' Tax Department`s large Taxpayers Unit (LTU) began on site visits to the 266 businesses included in the LTU.
Reliable sources have told CNA that the visits aim to record their business activities.
During the visits LTU experts will also record the tax risks that may negatively affect public revenue.
Under the terms of the €10 billion bailout, the Department of Inland Revenue has merged with the VAT service creating the Tax Department, in a bid to streamline tax collection capacity and enhance tax revenues.
So far the LTU has been staffed with 20 auditors and will supervise 266 large taxpayers and it is expected to grow as more companies are placed under its jurisdiction.
Reliable sources have told CNA that the visits aim to record their business activities.
During the visits LTU experts will also record the tax risks that may negatively affect public revenue.
Under the terms of the €10 billion bailout, the Department of Inland Revenue has merged with the VAT service creating the Tax Department, in a bid to streamline tax collection capacity and enhance tax revenues.
So far the LTU has been staffed with 20 auditors and will supervise 266 large taxpayers and it is expected to grow as more companies are placed under its jurisdiction.
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