Eleftheria Paizanou
More than a thousand companies have recently been raided by officials of the Tax Department, to verify whether the taxpayers have complied with the legislation and have installed a special terminal for accepting credit cards. The audits revealed that one in ten companies still does not have the technical ability to accept payment by card.
From the 18th of last September, companies are obliged, in addition to cash payments, to accept credit cards from consumers, if they wish.
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According to the decree of the Minister of Finance and the legislation, the majority of companies, specifically companies in 85 economic activities, are obliged to accept credit cards. The Tax Department, after giving the entrepreneurs a credit of a few weeks time to install the special machines, last month proceeded to audits in companies all over Cyprus. According to information from “F”, the audits focused mainly on doctors, lawyers, accountants and retail companies. These categories are considered high tax risk, as in the past it was found that they either did not comply with their tax obligations, or did not declare all their income, or did not accept credit cards as a means of payment.
According to “Φ”, during the audit carried out in 1,000 economic units, the officials of the Tax Department found that 10% of the companies did not comply with the law and did not initiate the process to comply. That is, about 100 companies surveyed did not ask their credit card companies to install the dedicated terminal.
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