The Government of Cyprus has decided to join the service for the collection of VAT and Tax Department, in order to create a unified tax administration, reports ee24.com referring to cyprus-mail.com.
According to the Minister of Finance, the reform will be carried out in order to streamline public administration, and will include the strengthening of the legal framework, facilitation and optimization of information systems.
At the moment, details of the reform are being discussed with the representatives of the IMF, who have offered help in the assessment. Most likely, the reform will be approved the next month.
The new administration should simplify tax collection and have a positive impact on the country's budget revenues through a more equitable distribution of the tax burden.
Recall that recently ee24.com wrote that Cyprus assembled a large portion of the property tax.