Cyprus tax revenue to top €8 bln

Cyprus is connected track to rake successful much than 8 cardinal euros successful tax gross this year, up from €7.4 cardinal successful 2024, a milestone that underscores the Tax Department’s propulsion for amended compliance and modernization.

Speaking earlier the Parliamentary Audit Committee, Tax Commissioner Soteris Markides highlighted the melodramatic maturation successful revenues implicit the past 4 years. “In 2021, we collected astir €5 billion. In 2024, that roseate to €7.4 billion, and successful 2025 we expect to transcend €8 billion,” helium said.

The surge comes arsenic authorities work to simplify procedures, target high-risk taxpayers, and instrumentality modern audits crossed the island. Auditor General Andreas Papaconstantinou praised the effort, noting that “a large effort was made from 2021 to 2024, and there was a important summation successful state revenues.”

Yet, challenges remain. Arrears, taxes owed but not yet collected, person jumped astir €1 cardinal successful two years, from €2.2 cardinal successful 2021 to €3.1 cardinal successful 2023. About €1.4 cardinal of that whitethorn beryllium hard to recover, Papaconstantinou warned, urging the section to take swift action, including seizing slope accounts oregon pursuing ineligible accountability for institution directors.