Cyprus tax reform introduces higher fines to tackle evasion

Cyprus’ tax reform has revised rates and deductions and also substantially raised financial penalties, with the changes entering into force on January 1.

According to Philenews, the objective is to make fines more deterrent and strengthen tax compliance.

The administrative fine for breaching the decree on card payments has increased to €6,000 for businesses that do not accept credit cards.

Previously it stood at €4,000, while during the first implementation phase it was €2,000.