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Home News & Events TAX LAW NEWS: Cyprus to address Tax Arrears with Wide-Ranging Powers

TAX LAW NEWS: Cyprus to address Tax Arrears with Wide-Ranging Powers

Sunday, 15 June 2014 21:37

Following a pre-condition for the release of the next bailout, Cyprus has proposed a new bill which grants the tax authorities certain wide-ranging powers applicable against those failing to pay their tax arrears including the right to seize bank accounts as well as prohibiting the sale of immovable property belonging to the defaulting tax payer.

Intending to ensure that outstanding tax obligations are met, the bill is expected to become legislation shortly.