Narrow marking is accepted by naturalization service providers from the Tax Department. Officers of the department recorded all the cases of providers that offered services within the framework of the Cyprus investment program (KEP). At the same time, all the purchase and sale operations made by land development entrepreneurs within the framework of the investment program go through a sieve.
As at least the Minister of Finance Konstantinos Petridis notes, the tax audits of service providers within the KEP have already begun, adding that the audit has also started in land development companies, which sold real estate within the KEP. The minister was responding to AKEL MP Irini Charalambidou, who asked to be informed whether any audit is being carried out in law firms and audit firms related to naturalizations. In fact, Ms. Charalambidou had attached to the minister and the list of 2018, from the Ministry of Interior, which lists such offices and the number of naturalization applications that were managed.
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The minister also gives answers for the actions taken by the Tax Department in relation to the tax audits for the state officials involved in scandals and have been convicted. The audits concern the tax returns and the assets, however the minister does not provide a list, due to the law for the protection of personal data. According to the minister, the Tax Department, when it receives information from investigations conducted by other government agencies for amounts that have not been declared for taxation, proceeds to tax these amounts. At the same time, he notes that in other cases, the submission of a capital statement by the person under investigation may be required. “The examination of capital statements is time consuming and therefore cases are still pending in the Tax Department for examination,” he concludes.
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