The Cyprus tax authorities use random investigations as a method of policing the self assessment system. There may be a specific reason why a return is selected or you may be chosen at random.
When this happens the income tax return will be examined in detail tax officials who will try to ensure that all profits, income and chargeable gains are correctly calculated, that there are no omissions and that credits and reliefs have been correctly claimed. Such examinations can cover a number of years.
Tax Audits can be very stressful for the taxpayer, and time consuming. At best they can detract you from the day to day running of the business, at worst they can result in large bills and possible court appearances.
In order to reduce the stress levels as much as possible we have a team of people who have many years experience working in this area. We work hard to ensure that:
Your rights are respected at all times.
Stress is minimized by accompanying you at all meetings and as far as possible dealing with Revenue on your behalf.
The legislation is correctly applied in all cases.
The lowest tax adjustment and penalty is negotiated.
Phased payments are arranged where necessary.
- Prosecution is avoided in the more serious cases.