22/07/2004 10:25
It is still unknown when the new legislation on the tax amnesty of the secret accounts will become effective. Although the Council of Ministers authorized the Finance Minister on Wednesday to proceed to the appointment of the three-member Committee for the management of the tax returns and the tax collection, this is just the start of the whole process.
According to StockWatch sources, despite the fact that the Inland Revenues Department has already prepared a circular which clarifies the “grey zones” in the legislation, the provisions of the circular will be reviewed by the Parliament as well.
Parties’ denial …
It is worth noting that few days prior to the last House session, the Inland Revenues Department in agreement with the Finance Minister requested the amendment of certain provisions of the legislation.
The request, however, was rejected by almost all political parties, which pleaded inability to change the agenda.
The rejection led the IRD and the Finance Minister to quit the idea of amendment since the deadline for the tax amnesty will expire only 60 days after the relevant talks in Parliament (late September).
Authorization
Finance Minister, Makis Keravnos told StockWatch that he was authorized by the Council of Ministers to proceed to the appointment of the three-member Committee. The Minister is expected to have contacts with several recommended persons but avoided to specify the exact dated of the announcement.
According to StockWatch sources, however, the unusual tactics on behalf of the Council of Ministers to announce the names of the Committee is related to the Finance Minister’s willingness to announce their names.
Campaign
The Finance Minister has expressed his decisiveness to adopt the legislation, taking all the necessary measures for its best possible effectiveness.
On behalf of the Finance Ministry and the Inland Revenues Department, everything is ready for the scheduled campaign that will urge secret account holders to legalize their secret accounts. Mr. Keravnos had already contacts with the Institution of Certified Public Accountants and the Commercial Banks’ Association, while Chairman of the House Finance Committee, Aristos Chrisostomou is in constant contact with the Commercial Banks’ Association.
Mr. Keravnos however has expressed his discontent on the amendments that were made on the governmental bill by the MPs. “You have eliminated the effectiveness of the measure”, the Minister had stated.
The circular
StockWatch sources reveal that the IRD circular does not clarify only article 4(1) of the legislation, but also the
“procedures of the legislation”.
Article 4(1) refers to “income or profits that were not imposed taxation”.
According to StockWatch sources, despite the fact that the Inland Revenues Department has already prepared a circular which clarifies the “grey zones” in the legislation, the provisions of the circular will be reviewed by the Parliament as well.
Parties’ denial …
It is worth noting that few days prior to the last House session, the Inland Revenues Department in agreement with the Finance Minister requested the amendment of certain provisions of the legislation.
The request, however, was rejected by almost all political parties, which pleaded inability to change the agenda.
The rejection led the IRD and the Finance Minister to quit the idea of amendment since the deadline for the tax amnesty will expire only 60 days after the relevant talks in Parliament (late September).
Authorization
Finance Minister, Makis Keravnos told StockWatch that he was authorized by the Council of Ministers to proceed to the appointment of the three-member Committee. The Minister is expected to have contacts with several recommended persons but avoided to specify the exact dated of the announcement.
According to StockWatch sources, however, the unusual tactics on behalf of the Council of Ministers to announce the names of the Committee is related to the Finance Minister’s willingness to announce their names.
Campaign
The Finance Minister has expressed his decisiveness to adopt the legislation, taking all the necessary measures for its best possible effectiveness.
On behalf of the Finance Ministry and the Inland Revenues Department, everything is ready for the scheduled campaign that will urge secret account holders to legalize their secret accounts. Mr. Keravnos had already contacts with the Institution of Certified Public Accountants and the Commercial Banks’ Association, while Chairman of the House Finance Committee, Aristos Chrisostomou is in constant contact with the Commercial Banks’ Association.
Mr. Keravnos however has expressed his discontent on the amendments that were made on the governmental bill by the MPs. “You have eliminated the effectiveness of the measure”, the Minister had stated.
The circular
StockWatch sources reveal that the IRD circular does not clarify only article 4(1) of the legislation, but also the
“procedures of the legislation”.
Article 4(1) refers to “income or profits that were not imposed taxation”.
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