Theoharis introduces new regulation for tackling VAT evasion

The General Secretary of Public Revenue Haris Theoharis was interviewed for the Taxheaven website, where the revealed details on the new regulation at the Ministry of Finances’ disposal to curb VAT tax evasion and the phony invoices trade.

As of the 1st of January 2014, all business owners will have to submit the total sum of revenue and undergo a series of asset cross-checks each month to route out any suspicious dealings.

Business owners who are found to withhold VAT will have their Tax ID number suspended. Businesses that do not pay their share of VAT for two consecutive trimesters will be blacklisted and the tax services will not recognize invoices as expenses.

Finally, Mr. Theoharis revealed that the asset register is being updated to include vehicles and luxury yachts and the Ministry is examining insurance fees, tuition, bank account interest and other financial data.

The Ministry of Finances’ new mechanism will allow auditing and tax services to have a better idea of the tax profile of businesses, by having a better idea of business finances and improving VAT returns.

Tax services (finally) to go digital

The Ministry of Finances is taking steps towards modernizing its tax services and wants to reduce (if not eliminate entirely) the long queues typically found outside tax offices when dead lines approach.

Over the next three months the General Secretariat of Public Revenue will introduce special online platforms for the submission of lease contracts, trader agreements, administration fees, payment of withheld taxes, offsetting debts and returns etc.

Mr. Theoharis explained that the intention is to essentially abolish the tax office treasury by making all payments online.

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