12° Nicosia,
14 June, 2024 The easy way to submit a tax return

TaxApp is a smart application that guides the user in the preparation and submission of his tax return

With TaxApp, taxpayers can easily and quickly submit their tax returns while ensuring correct submission. The platform's software asks simple questions to understand the user's tax status and uses the data from the answers to complete the tax return. Marios Papageorgiou, Co-Founder and CEO of TaxApp, talks about the innovative online tax tool and the processes involved.

Who is required to submit a tax return for the year 2022?

Individuals (natural persons) who earned gross (i.e., before tax) income of more than €19,500 in 2022 have an obligation to file a tax return for the year 2022. By "individuals," we mean employees, pensioners, and self-employed persons (who do not have an obligation to prepare financial accounts). Also, for individuals who are already registered with the tax department (i.e., have a Tax Identification Number - TIN), our recommendation is that they submit a tax return, regardless of the amount of their income. For information, based on existing legislation, from next year (i.e., for the 2023 tax return), everyone (excluding special exemptions) will be required to file a tax return annually, regardless of their income amount.

What exactly can one do through

TaxApp is a smart application that guides users in preparing and filing their tax returns. The app acts as an intermediary between the user and TAXISnet (the government website through which all tax returns are submitted). The process is simple. The user, after creating an account, answers simple and short questions. For example, we ask the user if they have a job or are retired if they have donated money to charities, if they have life insurance, if they have paid taxes abroad, etc. Using the data from the user's answers, TaxApp, through its intelligent software, completes the tax return and calculates the tax payable (if applicable). Finally, before the declaration is submitted by the user to TAXISnet, it is checked by professional tax consultants, thus ensuring its correctness.

How was the idea of creating it born?

The thought had been in our minds for a long time. Its realization came about during the first lockdown, as there was more time to devote to such a project. We found that there was a gap in the market regarding the availability of smart software to simplify the preparation process. The goal was to fill this gap, turning an admittedly stressful obligation into an easy yet educational process of just a few minutes. I believe we have succeeded. The public response in essentially just two years of operation has been very encouraging.

Is it aimed at both legal and natural persons?

TaxApp is aimed at individuals only and covers all incomes. Indicatively, the main types of income are salary (i.e., income from employment), pension income, rent, interest, and dividends. We also undertake the preparation and filing of self-employed returns, as well as related services such as VAT returns and payments, social security, GESY payments, etc.

What information is requested from the citizen?

TaxApp only asks for the information required in order to complete and submit the tax return correctly. The questions are targeted and vary depending on the situation and the tax situation of each individual user. Personal information such as first name, last name, address, etc., is requested. Also, depending on each case, information such as income received, amounts paid in tax, etc., is requested.

How much does this procedure cost the citizen?

The final cost is €24.5 (+VAT). The process is extremely simple and requires the tax ID number, registration in TAXISnet, and registration in TaxApp.  However, if the user wants to let TaxApp take care of the whole process without any involvement on their part, the cost starts at €79.50 (+VAT). In this case, the user only needs to send all the tax forms that concern them.

When it comes to personal data, TaxApp ensures the security of user data as one of its top priorities. The website and the app use encrypted connections (SSL) and firewalls, as well as one of the most secure frameworks for web development. Additionally, all users' personal data is encrypted in the database. It's important to mention that the TaxApp platform complies with all data protection regulations, including GDPR.

The idea for TaxApp had been in the minds of its founders for a long time, and its realization came about during the first lockdown. They found a gap in the market for smart software that could simplify the preparation process, and the goal was to fill this gap, making the tax return process easy yet educational. The public response in just two years of operation has been very encouraging.

In conclusion, TaxApp is an easy-to-use application that guides users in preparing and filing their tax returns. It acts as an intermediary between the user and TAXISnet, using intelligent software to complete the tax return and calculate the tax payable. With its simplified and stress-free process, TaxApp aims to make the tax return process easier and more accessible to all.

Cyprus  |  taxes

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