11/09/2003 13:59
Finance Ministry will submit to the House of Representatives in late September its draft on the secret accounts, sources close to the Finance Minister told StockWatch on Thursday. The draft has already entered its final stage and will be set under the Parliament’s approval by the end of the month.
It is noted that the government and the Finance Ministry hope that they will settle the pendencies of the Cyprus economy with the imposition of the partial tax amnesty to all those who have secret accounts in and out of the island. The tax rate will stand at 5% plus 3% for the defense.
The largest part of revenues to flow into the state funds will be used for the reduction of the fiscal deficit, allowing however, the transfer of other capital for development projects.
StockWatch had once revealed that a possible success of this “attempt” would bring millions of pounds in the state funds, giving the Finance Minister the opportunity to offer a number of incentives: a) to all those who had not submitted (or had forgotten to submit) their taxation return, and b) alternative solutions to the talks between the Finance Ministry and the banks for the payment of investment loans.
It is noted that the government and the Finance Ministry hope that they will settle the pendencies of the Cyprus economy with the imposition of the partial tax amnesty to all those who have secret accounts in and out of the island. The tax rate will stand at 5% plus 3% for the defense.
The largest part of revenues to flow into the state funds will be used for the reduction of the fiscal deficit, allowing however, the transfer of other capital for development projects.
StockWatch had once revealed that a possible success of this “attempt” would bring millions of pounds in the state funds, giving the Finance Minister the opportunity to offer a number of incentives: a) to all those who had not submitted (or had forgotten to submit) their taxation return, and b) alternative solutions to the talks between the Finance Ministry and the banks for the payment of investment loans.
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