Tax returns from prior years being cleared quickly

The Tax Department is proceeding rapidly with the clearing of the Tax Declarations of companies and individuals from previous years with the aim of having all the declarations cleared by the summer of 2023, Tax Commissioner, Sotiris Markides, told CNA.

According to data by the Department, a refundable revenue tax of €12 million and a payable tax of €17 million resulted from the clearance of revenue statements for the tax year 2016, while approximately €23m refundable revenue tax and €89m payable income tax resulted from the companies’ revenue statements for the tax years 2015, 2016 and 2017.

In the coming months, 600,000 statements filed by individuals for the tax years 2017 and 2018, and 2019 as well as 160,000 statements filed by companies are expected to be cleared.

“The aim of the Department is to have all the revenue statements of the previous tax years cleared, by the next deadline for submission of the Individual and Company revenue statement,” the Tax Commissioner told CNA. He added that it is estimated within the coming months, hundreds of thousands of Statements will have been cleared and the results will be sent to taxpayers by post.