The Cyprus government has decided to declare a tax amnesty, hoping to return to the funds that have been withdrawn by individuals. This was announced by Christ Stilianidis, the official representative of the Government.
The amnesty will run until 31 December 2013. Stilianidis noted that the financial crisis is forcing Government to attract investments and raise liquidity, so the amnesty is declared for anyone who derive repatriate capital to December 31.
However, he noted that the issue of tax evasion is extremely important to the government of Cyprus, so the amnesty would apply only if certain criteria are met, such as the repatriation of funds in the form of purchases of government bonds, paying large debts to banks and the state, as well as the transfer of funds on deposit for at least five years.
Parliament will take into consideration the draft law on tax amnesty in Cyprus before the end of July 2013.