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Authorities will soon tap into taxpayers’ bank accounts
New legislation allowing the Tax Department to access taxpayers' bank accounts without a court order is expected to be enacted soon. Taxand Cyprus provides an overview of this development.
The legislation was voted in a few months ago for the purpose of boosting governmental funds and it was recently announced by the Cypriot Minister of Finance during the parliamentary discussions that the new law could be applied as early as March 2015.
The Tax Department will be able to bind bank accounts and sieze money owed to the state resulting from tax obligations.
The Minister has explained that the largest portion of the State’s total revenue is derived from the Department of Taxation, in an attempt to show the importance of retrieving the additional funds.
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