Speaking to state broadcaster CyBC on Monday, Tax Commissioner Sotiris Markides said the new system will be rolled out in three phases, the first one starting on March 27 and the final one ready to launched at the end of 2024. According to Markides the upgraded system, as far as the first phase of the rollout is concerned, will simplify procedures for tax returns. However, he said individuals and legal entities submitting tax returns for direct tax purposes are still allowed to use the old system for the time being.

A direct tax is a tax that a person pays directly to the entity that imposed it. All direct taxes are paid by an individual taxpayer directly to the government. As opposed to direct tax, an indirect tax is one that can be passed on to another person or group by the person or business that owes it. VAT is considered an indirect tax because it is generally collected and remitted by the seller. “We are rolling out the new system, but it will be a gradual roll out,” Makrides said. “Our aim is to provide a better service to taxpayers. Tax For All will certainly improve the quality of all operations, both for the citizens and for the tax department, by providing a speedier and more user-friendly service,” he added.

People requiring assistance in understanding the new system can call the dedicated support hotline at 17700 and at 22 803803

Source: Cyprus Mail