Cyprus proceeds with pending tax rebates

An intensive effort by Cyprus' Tax Department in recent months has resulted in rebates of over 70 million euros of excess taxes, with an additional €200 million expected to be paid, according to the head of the department, Sotiris Markides.

He emphasized that the Tax Department aims to clear all outstanding corporate and individual taxpayer rebates by the end of 2023.

As part of this project, approximately €1.5 million in income tax, Special Contributions for Defense, and Special Contributions for Employees have been cleared from individual and company income tax returns. Markides stated that the goal is to clear all corporate rebates for tax year 2021 and rebates to individuals for tax year 2022 by the end of 2023, with income tax rebates being cleared within six months of the submission deadline for each tax year.

Markides explained that the department has...