The efforts of the Department of Taxation for the collection of old taxes and pending, including taxation on sports companies, welcome the Cyprus Financial Council.
As he notes in his announcement, the overall effort, which relates to, both direct and indirect taxes, has brought a significant increase in state revenue in recent years.
“This increase from unpaid taxes to date has been the key to reducing debt as a percentage of GDP, at a point where the 60% target in that index is becoming achieved. In addition, the available data suggest that the whole effort has increased the total taxability of democracy in recent years, “he said.
The total amounts of unpaid taxes by sports companies and clubs are not financially significant, but they fall under the broader effort to collect old pending, which has so far have significant positive effects on public finances.
“Therefore, the broader effort to increase tax revenue should not be affected by any precedent that may be created by special treatment for organized sets, companies, parties, political agents, local agents or other ‘special cases’, he concludes.